Frequently Asked Questions

---

Most people need enough to replace their income for the years their family depends on it, pay off debts like a mortgage, and cover final expenses and future costs like education. A common starting point is 10 to 15 times your income, but the right amount depends on your debts, savings and who relies on you. A needs analysis gives you a real number instead of a guess.

Possibly. If someone would be left with your debts, your funeral costs or a co-signed loan, coverage can protect them. Buying while you're young and healthy also locks in lower premiums. For many single professionals, though, disability and critical illness coverage matter even more, because they protect you.

Without an employer plan, your income stops when you can't work. Individual disability insurance can replace part of your income during a long illness or injury. Critical illness insurance pays a tax-free lump sum if you're diagnosed with a covered condition like cancer, a heart attack or a stroke. Together, they act as your own benefits plan.

For many people, yes. It pays a one-time, tax-free amount when you're diagnosed with a covered illness, and you can spend it however you need: lost income, treatment, childcare or time to recover. Many Canadians survive serious illnesses, so the bigger risk is often the cost of living through one.

Term insurance covers you for a set period, like 10, 20 or 30 years, and costs less. It's often used to protect a mortgage or young family. Permanent insurance lasts your whole life and can build cash value, so it's often used for estate planning, final expenses or leaving a legacy. Many people use a mix of both.

It usually depends on your income now compared with your expected income in retirement. RRSP contributions lower your taxes today, which helps most when you're in a higher tax bracket. TFSA growth and withdrawals are tax-free, which suits lower incomes, flexible goals or savings you may need before retirement. Many people benefit from using both.

Common protections include key person insurance, which covers your business if someone essential dies or becomes ill. Business owners also often have buy-sell coverage, which funds a partner buyout, and disability coverage for the owner. Group benefits can help you attract and keep employees. The right mix depends on your structure, partners and team.

Yes. Many insurers offer plans for businesses with just a few employees, and sometimes even a single incorporated owner. Plans can include health, dental, life and disability coverage, and you can choose what fits your budget.

For insurance, you don't pay me directly. The insurer pays a commission, and your premium is the same whether you go through a Financial Planner or not. If you'd like a full written financial plan, there is a planning fee, and I'll explain it clearly before we begin. For investments, any fees are explained upfront so you know exactly what you're paying.

Bank representatives can usually only offer their own bank's products. An independent Financial Planner can compare options from many insurers and investment companies to find what fits you best. At Chambers Financial & Co., that means coverage from 14 Canadian insurers.