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We’ve Got The Answers: What do you Enjoy about Working at Canada Protection Plan?

March 21st, 2018










Lorne: I’ve been having some great discussions with my friend, Mike Liem of Canada Protection Plan. One thing we talked about was the workplace itself here at LSM. I think it is a very fun place to work and the people who work with me are great people. I know Mike certainly feels the same way about the people at Canada Protection Plan. So today I wanted to ask him, what do you enjoy most about working at Canada Protection Plan?

Mike: Just like LSM, Canada Protection Plan is a company that is based on family and every individual is considered family. I have worked at bigger companies in the past that are very corporately structured; however, Canada Protection Plan is a little bit different. Everyone has a voice and those higher up in the business are very approachable. When I see my boss, I give him a hug because that is the way our culture is.

Again, it is just a very fun place to work. I have been there almost 4 years (this May would may it 4) and I would not dream of being anywhere else. I am very happy and I do not consider it a “job”. I get up, I love what I do, and I get paid for it.

Lorne: I agree. I think you hit the nail on the head and I think that is why the two companies work so well together. Canada Protection Plan has that family dynamic and culture, just as LSM does. We talked previously about a great Christmas party you had and how you helped us support some of our initiatives, such as Lupus Bowl. I think it is very terrific the way the companies run and I think Mike is doing a great job in all he does.

Have more life insurance questions? We have more answers for you here!

We’ve Got The Answers: Why Is Life Insurance So Important?

March 7th, 2018


Mike Liem of Canada Protection Plan graciously joined me again to cover another pressing insurance question. This question is simple, yet holds so much merit: why is life insurance so important and how do we deliver the message that much better to our clients?

Mike: We certainly get that question a lot and what I try to remind people and advisors that in Ontario, home and auto insurance is mandatory, yet life insurance is totally optional. However, I do know that one day, you will die, so you certainly will utilize the life insurance, but you may not ever use your home and auto insurance. I tell people that because, again, people do not really take it seriously and what happens with life insurance we, more often than not, see the claims of “we should have purchased more” or “we should have got some insurance” and typically, it is too late. When we get the phone calls, it’s most likely due to the fact that something has happened to someone, whether it’s cancer, heart attack, or stroke, for example. 

We feel good that we can actually help them to a certain extent, but they always want more of course. That is why it is important to sell the life insurance before something happens because it doesn’t come down to how much you can afford, but rather, how healthy you are that actually qualifies you for a policy.

Lorne: You make a great point. I think a lot of brokers really have to stress that with their clients and we have to deliver that message that if you can get the life insurance policy while you are in good health, you are going to get a much better deal, you are going to qualify for more coverage, and you will also qualify for the coverage on an immediate paid basis. 

The great thing about it is if you apply for life insurance and you do have some health issues, you can always reapply for a better classification or a better rate if your health does improve over time. What’s great with Canada Protection Plan’s is that they are building in that ‘worst case scenario’ in terms of, “if this happens, at least my family has this now.” I think that is very crucial and Canada Protection Plan is certainly doing an excellent job at that, as well as stressing the importance of life insurance.



We’ve Got The Answers: How Can Brokers Grow Their Business?

February 15th, 2018











Lorne: Today I am joined by Mike Liem, Regional Sales Director with Canada Protection Plan, and we are discussing different ideas on how brokers can grow their business and do a better job with their clients. That is really what it is all about because the better job you do with consumers, the better you’re going to be as a broker and as an industry, we will be better off as well. Canada Protection Plan is doing a fantastic job with that and I know Mike has some wonderful ideas to share as well as a story about a client that came to Canada Protection Plan after the fact and why it could have been beneficial to do so first.

Mike: I want to share the story that actually came about this week from another sales director at Canada Protection Plan. What happened was the broker gave us a call from another office and said, “I think there may be a problem with my deal because it has been underwriting a little too long.”

So what happened was they called us in to do an application and unfortunately at the time when they were writing everything up and had waited quite some time, the client came back and found out they had cancer. After that, both deals had to be pulled off the table and we were only able to offer the client guaranteed acceptance up to $25,000. 

The reason I am telling you this story is that we are trying to educate all the brokers to be a little bit more proactive with their clients. We want all clients to know that if there is any type of health issue, this is when you should give us a call right away to see what we can do for you before something like this happens. In this case, they waited about 2-3 months, but we could have had everything in place way before that.

Lorne: Great advice from Mike. It is certainly not a happy story, but it is a story that can really help out brokers and people who are trying to do a better job for their clients.

My Personal Account of Whole Life Insurance

February 8th, 2018

I was unknowingly introduced to the value of life insurance when I was about one month old. My father, Larry Marr, a Chartered Accountant at the time, purchased a life insurance policy on my behalf from North American Life.

Wisely (in my opinion), he had already purchased policies for my two older brothers.

My brothers – one a successful Lawyer and the other an equally successful Journalist – did develop some health challenges down the road and these Whole Life policies, which included an enhanced protection feature, formed the foundations of our insurance policies.

We were also rewarded when North American Life was purchased by Manulife. The amalgamation was effective on January 1, 1996, making Manulife the largest life insurer in Canada. A few years later, in 1999 demutualization was approved by policyholders, converting Manulife from a mutual life insurance company to an investor-owned, publicly-traded stock company. Shares in Manulife Financial Corporation begin trading later that year on the TSX, NYSE, SEHK, and PSE.

The transition didn’t go as smoothly as planned. U.S. investors rejected the proposed introductory price of $20 to $23 per share. Not allowing this minor hitch to deter their plans, Manulife jumped into the market at an even $18. My brothers and I each received shares that were more than double the value of the premiums we had put in and we still maintained all of the policy benefits. A pretty sweet deal!

Manulife’s president Domenic D’Alessandro wasn’t disappointed either, “Today’s price is not a bad price at all. If one looks at the price in relation to other indicators like book value or earnings, the price is very acceptable.”

Many Financial Experts have different opinions on Children’s Life Insurance.

Melissa Leong, personal finance writer for the Financial Post and resident money expert on CTV’s The Social, reached out to my wife Chantal on the subject.

Chantal’s take, “Yes, I’m a big believer in life insurance for children. I have life insurance on each of my three children. It allows them to have coverage which is locked in at an affordable rate regardless if they have a change in health down the road. This can be particularly advantageous if the child’s parents have health issues that are hereditary.”

The other side of the argument is that the child is not the breadwinner, therefore there is no income to protect.

Ed Rempel, a certified financial planner with Armstrong & Quaile Associates Inc says, “The dumbest idea is to buy whole life insurance for your child. I’ve seen this awkward situation many times. Clients in their twenties cashing in very low return policies that were inflicted on them when they should be building wealth. Parents have many more important uses for their money, such as life and disability insurance for themselves, their retirement goals, and their child’s RESP.”

Mr. Rempel makes a valid point, however, there are many benefits to insuring a child when he is young and healthy – mainly, you can lock in a policy at low premiums. Should the worst happen, the money will allow you the time you need to properly grieve your loss, without the financial burden of funeral costs, time off work, etc.

Other reasons for buying life insurance for your children include a funding vehicle for higher education, a tax shelter for individuals in a higher tax bracket or a tax-free way to transfer wealth to children or grandchildren. There are also many ways the child can use the policy later in life. A whole life insurance policy holds cash value, which can be a great asset when the child becomes financially independent.

According to Alan Moore, founder and certified financial planner at Serenity Financial Consulting, “Life insurance can also be used to pay off debts or be part of estate planning for ultra-high net worth clients.” He adds, “Notice that a newborn doesn’t fall into any of these categories. Outside of the extremely rare case of the child supporting the family by being a child star, you simply shouldn’t buy your child life insurance.”

The Pros and Cons of Whole Life Insurance

Many people believe the advantages of whole life insurance outweigh the disadvantages, while others feel it is the other way around. Opinions on the matter vary greatly. Here are some facts to help you create an opinion of your own.


  • Premiums never increase no matter how long you own the policy. With no surprise increases in the future, you can plan your budget with certainty.

  • You can stop making payments. Most whole life policies allow you to convert the cash portion of your policy into future premium payments meaning your policy is “paid up.” You are still fully covered, you just don’t have to pay more premiums.

  • It is permanent insurance, valid for as long as you keep your account active and pay your premiums, not just for a certain number of years or “Term.”

  • Whole life insurance has a cash value portion that you use any way you like and is guaranteed to grow over time.

  • Policies guarantee the death benefit plus the premiums. Some types of permanent life insurance will guarantee one or the other, but not both.

  • Whole life insurance offers a wide range of living benefits.

  • When you cancel your whole life insurance policy, the cash value portion is returned to you, giving you something to show for all those years of paying premiums.

  • The cash value portion of your whole life policy is an asset and like any other asset, you can use it as collateral, withdraw it or let it grow.


  • Whole life insurance is complex – this could also be a pro since the complexity of the policy is what makes it unique to each person. Whole life is not a “one-size fits all” type of insurance. Everyone has a different plan for how the policy will be used or reason for the purchase. Because the policy is actually yours, not just “rented” protection, you have many more choices and options that allow you to tailor the policy to meet your specific needs.

  • Whole life insurance is very expensive. That is why it is important to buy a policy as soon as possible. Once your premiums are locked in, they will never increase, making a whole life policy much cheaper in the long run than term insurance, which increases dramatically the older you get.

  • Other investments provide greater returns. The higher the risk, the greater the return (or potential loss). There is no risk in whole life insurance, so the returns may be a bit lower, but growth is guaranteed.

What The Financial Experts Own: Samuel Waxman

February 1st, 2018

























What type of life insurance do you own?

I currently have a Whole Life insurance policy on myself that has guaranteed cash values and an increasing dividend.

What factors did you consider when determining the coverage amount?

When determining a coverage amount for life insurance, I believe it is important to make sure there is sufficient protection in place for final expenses (funeral, burial, probate fees, etc.), debt protection, education costs for your children and enough income replacement for your family to live the life they are accustomed to living if you were no longer alive to provide that life. 
I believe as one ages and attains more income, they also want to consider estate planning costs as part of their life insurance coverage amount.
Do you believe in life insurance for children?
Yes, absolutely! When I first started in the insurance industry, I spoke to many parents about both life and critical illness insurance for their children. I am a big believer in this as it allows a parent to not only make sure there is no financial strain but more importantly, allows their child to have guaranteed insurability for the rest of their life at a very low cost.
What is the biggest life insurance mistake people make?
The biggest life insurance mistake people make is waiting. Waiting for any reason is never worth it, either premiums will increase or health can worsen. No matter what, waiting tends to make the process harder and more costly.
Outside of life insurance, what other types of individual insurance after often overlooked?
Living Benefits insurance, more specifically critical illness insurance and disability insurance are too overlooked. In my opinion, Living Benefits Insurance tends to be even more necessary than life insurance for a young person as they provide a benefit for you while you are alive and can actually utilize and appreciate yourself.

Samuel Waxman is a licensed Financial Advisor who has been in Insurance and Financial Services since 2011. Samuel is licensed in Ontario, Alberta, British Columbia, Manitoba, Nova Scotia and Saskatchewan. He graduated from the University of Western Ontario in 2011, with a Bachelor of Arts and in 2012, from the Financial Services Practitioner Graduate Program at Seneca College. Samuel is a CERTIFIED FINANCIAL PLANNER or CFP practitioner, a Chartered Life Underwriter (CLU) and a Certified Health Insurance Specialist (CHS). He was brought into the business by his father; Peter Waxman and considers himself extremely lucky to be able to draw on his 50 plus years of wisdom and experience. In December 2014, Samuel along with his friend and business partner started Millennial Financial Group (MFG). They recognized that the insurance industry needed a change and through the use of technology and education, Millennial Financial Group brings a fresh new take to the insurance and financial planning business.

Samuel’s goal is to provide you with the proper plan to ensure your financial needs are met, despite the obstacles life may force your way. A brief description of the services provided are: Life Insurance, Disability Insurance, Mortgage Insurance, Critical Illness Insurance, Group Insurance and Employee Benefits, Segregated Funds, RESPs, RRSPs, TFSAs, and any other insurance and investment needs one may have. As an independent broker, Samuel can provide these services through all major Canadian insurance companies.

Samuel lives in Toronto and in his spare time enjoys spending time with family and friends, and binge-watching television shows.

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We’ve Got The Answers: Is Life Insurance A Tax-Efficient Product?

January 31st, 2018










I have been asked many times, especially closer to the tax season if life insurance really is a tax-efficient product. Life Insurance is definitely a tax-efficient product and provides a plethora of benefits surrounding your tax dollars. While some of the benefits are evident, there are a few under the surface that many do not know about.

For one, the premiums are paid out tax-free. This applies when paying for the premiums with after-tax dollars. Another great reason why life insurance is such a tax-efficient product is that the funds within those policies if it is a permanent policy and it is under the tax-exempt, are going to grow tax-free.

In addition to your death benefit being paid out tax-free, you can have the funds within the policy that grow on a tax-free basis and if they are kept within the policy and the policyholder passes away, they too are paid out tax-free.

Another really great feature of the permanent type policies is that they generate a cash value. That cash value can be used to offset future premiums and essentially you are paying for your premiums, in that instance, with pre-tax dollars rather than after-tax dollars. And once again, the death benefit is paid out tax-free.

There are a multitude of tax benefits with life insurance which are great to keep in mind if you are considering purchasing a policy or changing your policy.

To fully understand all the benefits and ensure they are applicable to you and your individual situation, it is best to speak to a good broker who works with all the different companies and has knowledge on various policies. These brokers can help you better understand the benefits and what they can do for you.

Have more life insurance questions? We have more answers for you here!

What The Financial Experts Own – Liberty Nobula

January 31st, 2018






















What type of disability insurance do you own?

My company is a consultancy serving insurers, employers, and intermediaries such as agents and brokers – I do not offer insurance.

What factors did you consider when determining the coverage amount?

I do not offer insurance but the South African market determines coverage amount using local context mortality tables, annual income (often 3 to 4 times annual income for Occupational Disability Cover), age, medical and financial underwriting and claims experience history. Take note, Critical Illness cover is not tied to work and income in South Africa’s context.

Do you think people underestimate the importance of disability insurance and if so, why?

People underestimate the importance of disability insurance and especially in Africa. The reasons are extensive and I could literary write a long discourse on this but I will summarise as follows:

  • Societal obliviousness
  • Poor financial literacy – People generally underestimate the risk of disability and mostly insure their physical possessions such as cars, property, and equipment but hardly insure what is probably their most valuable asset — their ability to work and earn income. We have an ongoing community educational campaign wherein we educate local people that ‘Insure yourself before you insure a thing as your biggest asset is you and your ability to earn an income; not a material object’.
  • Financial constraints
  • Affordability
  • Dependence on state disability cover and social security safety net
  • Bad faith in the disability insurance market
  • Market apathy

What are some limitations or exclusions people should watch for?

The foremost limitations and exclusions should watch out for include ‘invisible’ disabilities that cannot be objectively verified by clinical investigative criteria such as whiplash injuries and psychological disorders. The HIV/AIDS high prevalence in Africa has compelled insurers to accept pre-existing risk from opportunistic infections but the premiums are weighted and typical clinical conditions arising from immunocompromise are excluded.

If you had to choose between Critical Illness and Disability Insurance which one would you choose and why?

It would be a tough choice to make as each product has its unique coverage but I would be inclined to choose Critical Illness cover over PHI because it is versatile, extensive in coverage and it is not tied to work/employment. Critical Illness cover is only now getting popular in Europe and in the USA but it was started in South Africa in 1983 by Dr. Marius Barnard, a local cardiac surgeon. Workplace Health and Labour Consultants is a resourceful company that draws from this rich South African corporate health and disability insurance legacy. We have access to a professional team of associate and affiliated medical specialists, general practitioners, phlebotomists, physiotherapists, occupational therapists, pharmacologists, occupational health practitioners and labour law attorneys who work in an interdisciplinary approach in the corporate health and disability insurance landscape.


Liberty Nobula’s disability insurance product and policy knowledge, problem-solving expertise and coverage analysis skills were gained through more than 10 years in the Disability Insurance business as an Occupational Therapist, Disability Insurance Claims Adjuster and sought-after Consultant and speaker in Southern Africa across three countries i.e. South Africa, Zimbabwe and Botswana. He has taught professional continuing education classes in Disability and Life insurance under his consultancy, WHL Consultants, incorporated in both South Africa and Botswana. He has advised individuals and commercial enterprises on their insurance needs and consulted with insurers and re-insurers across the region to optimise their operations and improve their bottom-line. He has written and continues to write periodic contributions and articles on Disability Insurance and Health Risk Management under his Linkedin portal.  

Here is the link to his website:

The local Disability Insurance is quite small and people prioritise short term insurance over life / disability insurance. Approximately 75% of the market being group disability insurance is paid for by employers in the form of group cover. The products are more suited to the group life market and three insurers out of about a dozen collectively have approximately 50% of the market share. The African disability and life insurance space is indeed a virgin market!

The most popular product in the group life market is PHI and the most product in the individual market is Critical Illness cover / Dread Disease cover which was ‘invented’ in South Africa.

Most of my work involves consultancy in strategy of disability insurers, training insurers on disability insurers principles and processes and improving operations; training claim assessors on technical reasoning, medical reasoning and non-medical reasoning and advising insurers on strategies to mitigate corporate risk from fraud which is quite big here, making up 20% of lodged claims!

I started out alone on a limited budget using my life savings and my team and I continue to press on despite typical African business environment challenge. The integrated level of engagement we advocate for in the wellness space in unprecedented and embodies renaissance. To my knowledge, we are the only SMME in South Africa, Zimbabwe and Botswana that offers the Health Risk Management, claims assessment and process optimisation and the rest are large corporates. Despite having a small financial muscle, we are at the forefront of integrated approaches towards wellness, ill-health incapacity strategic management and disablement in the workplace as well as the associated labour law and disability insurance dynamics.

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Top Employee Benefit Companies in Canada

January 31st, 2018

Once a year Benefits Canada releases a report on employee benefits coverage in Canada. These figures represent the top Canadian benefits providers.

Changing demographics, expensive prescription drugs and an increase in chronic diseases at various states have put a strain on group benefits paid for by the employer. Financially strapped companies must focus on remaining competitive in their field and lowering operating costs, while still retaining a competent workforce.

To be a top provider, insurance companies must find a delicate balance between offering the coverage companies want and keeping costs down. They recognize the importance of benefits coverage as a way to attract and retain the best workers, and keeping those workers healthy and productive.

Trends and Challenges Providers Face

Guidance – Plan members are looking for guidance on ways to control the cost of benefits plans. They are willing to forgo traditional cost-sharing strategies and seeking new ways to manage costs. The biggest challenge for employers is the cost of prescription medications and disabilities. They are asking providers to help find ways to cut costs and efficiently measure and manage those costs, while maintaining a good balance between the health of employees and the cost health benefits.

Competitive rates – Employers are shopping for competitive rates and service fees. An increasing number of them are also looking for value-added services, such as technology that delivers claims services by way of mobile devices, member communication and enhanced analytics. However, controlling cost increases is the highest priority. Providers are answering these concerns with more creative drug plan designs, negotiating prices with manufacturers and better management of high-cost claims.

What providers need to do to succeed – Providers need to manage the overall governance of their plans to help keep the major cost drivers under control and ensure members understand the impact they can have to help manage those costs. Plan design options need to be better managed and insurers need to explain how they should be implemented. In many cases, high-costs are due to a lack of education. With better education, providers can help members see how their actions can affect costs and help them understand and care about doing their part to make plans more affordable.

Insurance plans need to focus on healthy living, overall wellness and illness prevention. Today’s employees aren’t interested in the same plans as previous generations. They want active living options, prevention initiatives and health cost allowances. Providers need to match client needs with carrier strengths and maintain strong client relationships with constant communication throughout the year.

New trends providers must deal with – Providers are now facing a huge increase in mental health claims. In the past, mental or emotional problems were not recognized or acknowledged insurable illnesses, therefore, not covered by employer-sponsored benefits. Reports show that 90% of Canadians between the ages of 18 and 24 claim excessive stress levels, which means an increase in absenteeism and greater costs for the company.

Healthcare costs – The cost of healthcare, the introduction of more expensive medications and expensive treatments are serious concerns for benefit providers. And over time this problem will worsen because people are living longer, therefore they will require expensive drugs and treatments for a longer period of time. Biologic drugs will considerably increase the cost of drug plans.

However, there are steps employers can take to reduce the risk of higher benefit costs. For example, they can create a stress-free work environment, encourage healthy lifestyles by offering fitness programs or gym memberships and offer healthy food choices in the cafeteria. A healthy workforce will help reduce healthcare costs and absenteeism and increase productivity.

Tomorrow’s workforce won’t be the same as the today’s, which will greatly affect benefit plan designs, costs and how they are delivered.

Why Is Disability Insurance So Important?

January 29th, 2018



















LSM Insurance reached on to Jaclyn Nemethy – Regional Sales Director at IA Excellence to get her insights. Jaclyn is known for her thorough knowledge and providing her advisors with exceptional support and training on all the living benefits solutions IA Excellence can offer. She sits on the Advocis Toronto Chapter Board as a Director. She recently attained her CHS designation and is now working towards her CLU designation.

Do you feel as if Canada’s disability insurance market is underserved?

There are 17,802,200 working-age Canadians in Canada*. Currently, about 6 in 10 Canadian receive some type of salary continuance in the event that they are absent from work due to either a physical or mental health issue.**  That leaves over 7,000,000 Canadians that have no short term or long term disability benefit through some type of group plan.  Where is the opportunity?  According to the latest LIMRA study, it was found that there are only 810,000*** Disability Income Replacement policies enforce!  There is a huge opportunity to speak with your clients about disability insurance!

*Source: Statistics Canada, CANSIM, table 282-0008. Last modified: 2014-01-10.

**Source: Disability Management: Opportunities for Employer Action. Conference Board of Canada Report October 2013

*** Source: LIMRA Canadian Individual Disability Income Insurance Survey & Canadian Individual Critical Illness Insurance Survey, Q2 2014.

What are the odds of becoming disabled in comparison to dying?








What would you say to someone who says, “I have disability coverage through my work?”

Group Disability

· Pays a percentage of your gross salary – between 60% to 85%.

· There is always a maximum dollar amount.

· Definition of disability changes after 2 years of claim to “Any Reasonable Occupation”.  You may be forced back to work at a different job than you were doing before the onset of the disability.

· These plans are usually coordinated to make sure that all the benefits you receive are not greater than your normal income.

· Group plans generally terminate when you leave an employer.

At the end of the day, a group disability policy offers a base of disability coverage that should be reviewed by an insurance specialist to make sure that the insured has enough protection in order to cover their major liabilities and expenses. Group plans are not always sufficient coverage for your client’s DI needs.

Why is it harder for blue collar workers to obtain disability insurance than any other professionals?

It doesn’t have to be harder!  Depending on the insurance company you work with, getting disability insurance for the blue collar market does not have to be more difficult.  You should work with disability providers that offer guaranteed renewable products and regular occupation definition within their contracts.  These products are more suitable and easier to qualify for in a blue collar market space. Working with a carrier that offers coverage to everyone regardless of their occupation is key. IA Excellence is one of those companies that has occupation classes ranging from 4A all the way to a C class. There is no occupation that we won’t insure!

Why are so many insurance brokers hesitant to sell disability insurance?

Insurance brokers are very hesitant in selling disability insurance! 

It comes down to 4 main factors:

1.      Price/Budget – Brokers and clients think that disability coverage costs hundreds of dollars per month and therefore decide that it doesn’t fit within their budget.  IA Excellence offers DI to the middle market with our average policy costing only $700 annually.

2.      Underwriting – Disability coverage is more difficult to medically qualify for than life insurance.  This discourages many clients applying for coverage.  With IA Excellence, we have simplified DI options for your harder to insure clients.  Majority of clients will qualify for something within these plans.  No one should be left without coverage!

3.      Claims – Many brokers and clients worry that their provider will not pay the benefit when the client needs it.  At the end of the day, working with a company that has a proven track record of paying claims is most important.  IA Excellence averages over 90% of DI claims being paid year over year.  This is well above the industry average of under 80%.

4.      Knowledge and Understanding – Many brokers feel that disability is a very complex product that they just do not know enough about!  There are a lot of carriers out there that offer a variety of products; How does a broker identify the right product for the client they are working with?  IA Excellence has a team of living benefits specialists across Canada that can assistance brokers to identify the right product for their clients and help them feel confident when presenting the solution! 

What is unique about IA Excellence when it comes to disability insurance?

We make disability a focus.  It is an underserved marketplace that we want to assist our brokers in becoming experts in.

We offer a range of products from underwritten DI to almost guaranteed issue DI.  We also service the hard to insure market for Life and CI.  No one should be left without coverage.

What The Financial Experts Own – Peter Wouters

January 24th, 2018




















What type of life insurance do you own?

Permanent participating; UL, T100 and some T10 in addition to optional group life insurance.

What factors did you consider when determining coverage amount? Which ones may continue indefinitely?
  • What is the best use of capital to pay off obligations and provide estate equalization when dealing with hard to divide assets?
  • What other assets are there to provide legacies and fund obligations?
  • What could be projected income tax obligations on registered assets and unrealized capital gains?
  • What type (amount) of a legacy might you want to leave for a favourite cause?

Do you believe in life insurance for children?

Yes. The sad reality is that children sometimes predecease their parents. There are basic expenses which may be dwarfed by the need to take time off to provide care, grieve and readjust. Children are staying at home today far longer than in previous generations with debts to pay and many find it difficult to be financially independent of their parents. Buying permanent insurance at young ages locks in low rates for life and may allow for considerable growth in equity down the road which can be accessed to fund needs and objectives (like education, house down payment). Alternatively, there may be a future opportunity to have fully paid up coverage, redirecting attention and money to other things.

What is the biggest life insurance mistake people make?

Not buying or buying enough when they are young, healthy and before they amass a family medical history.

Outside of life insurance, what other types of individual life insurance are often overlooked?

Disability insurance and critical illness coverage which covers different contingencies.


Peter devotes much of his time working with independent advisors and other professionals uncovering issues and concerns faced by affluent individuals, professionals and business owners. He supports their efforts in researching and developing optimal solutions for clients aimed at improving their financial well-being and supporting their personal wishes and lifestyles. He annually provides 100’s of workshops, seminars and technical support throughout the country on tax, retirement and estate planning issues, concepts and strategies. Peter, a Registered Financial Gerontologist, educates people of all professions who work with or specialize in the needs, expectations and issues of elders.  Comprehensive lifestyle planning is an important element of these processes.  He has been repeatedly interviewed on regional and national television, radio, newspapers and journals as a subject matter expert on various industry issues and developments. He is a prolific writer on matters dealing with retirement, financial and lifestyle planning.

Among his many professional and industry affiliations are: CALU (Conference of Advanced Life Underwriting), the Society of Trust & Estate Practitioners, the Institute of Research & Planning, the Canadian Tax Foundation, the American Institute of Financial Gerontology and the American Society on Aging. He is faculty chair of the International Elder Planning Counsellor program.

A graduate of McMaster University, Northeastern University and Widener University, Peter has over three decades of experience. He is a true student of business as attested to by 16 professional designations. His articles have been published in newspapers, industry bulletins and trade journals throughout the world.

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