What is Insurance Planning?

The future is absolutely unpredictable and this uncertainty creates a sense of vulnerability. We need to find a way to help us cope with such uncertainty in our lives and in the lives of others. This need for protection against the possibility of catastrophic losses gave rise to this valuable tool called insurance for life and health.

Insurance planning helps to restore the financial position of the insured, in the event they incur a loss. Insurance planning is to protect yourself, your family and loved ones, your home, your assets, or your business against unexpected events. The idea behind insurance is to get a group (policy owners) to contribute financially to a fund specifically designed to help individuals recover in the case of an unexpected loss. In this way, insurance eases financial burdens that can occur when disaster strikes.

Why is Insurance Planning Necessary?

Insurance planning is important because it takes the guess work out of what to do when the unexpected happens and it aids with how and where to find liquid cash when it is most needed. Most importantly, it is necessary in order to provide peace of mind when life happens, whether death or disability. Its liquid cash that no one else may be able to give you regardless of how much they care about you.

How do I know which Plan is best for me?

There are so many types of products and services available. TFSA, RSP, Non-registered plans, RESP, RDSP, Life, Health and risk management plans. We take the guess work away from you and with a needs-based analysis interview we are able to help you put a plan in place. Much like going into a surgery, the doctor needs to know the symptoms and where the discomfort is so he/she can diagnose and zoom in on the area of discomfort and help bring your body back to its normal or better than normal state.


A Registered Disability Savings Plan (RDSP) is a federal tax-supported savings vehicle that is intended to encourage people to save for the future needs of a person with a disability. Ontario is supporting RDSPs as a way to help families save for children and adults with disabilities, and to help people with disabilities plan for their future needs.

Savings through RDSPs may mean greater independence and a better quality of life for people with disabilities.


An RESP is not an investment, it is merely an account designated by the government as a plan to provide financial assistance to children attending post-secondary education. An RESP has several features which include additional contributions made by the government and tax efficient withdrawals.


An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.

Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.


A registered retirement income fund (RRIF) is an arrangement between you and a carrier (an insurance company, a trust company or a bank) that we register. You transfer property to the carrier from an RRSP, a PRPP, an RPP, an SPP, or from another RRIF, and the carrier makes payments to you.

The minimum amount must be paid to you in the year following the year the RRIF is entered into. Earnings in a RRIF are tax-free and amounts paid out of a RRIF are taxable on receipt.


A non-registered account does not enjoy the same tax-sheltered status as their registered counterpart. They are a general investment account where you can invest in a wide-range of assets and are required to pay taxes annually on income generated by the account.


A TFSA tool is “greatest thing since slice bread”.  If you are a Canadian resident and age 18 and over you have since 2009 the privilege to contribute funds to this account whereby the growth is the plan is never taxed.  The total since the beginning and up to 2019 is $63,500. All of the profits made within a TFSA is completely tax free.


This is insurance taken out for medical care.

Examples, injury or sickness in or out of country.


There are several types of life insurance.  Permanent insurance sometimes called whole life provides protection throughout your lifetime.  The premiums remains the same for as long as you have the policy.  Term insurance is best suited for temporary or short-term needs such as mortgage, providing income of dependents in the event of premature death before they are self-sufficient.  Universal life insurance combines term insurance with an investment program.  You are able to monitor the group of your investments.  The purchase of universal life insurance should be handle with care especially if the fund is minimum funded.


The unexpected can happen while on business or pleasure.  For pennies a day with accuracy the medical questions you will have the peace of mind to receive the proper care until you can fly or drive back to your place of residence.  No one plan to get sick while travelling but life happens and travel insurance protection becomes a reality