Learning Centre

Answers to all your Questions

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Life Insurance:
Financial protection that provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.

Disability Insurance:
A form of health insurance which provides income replacement in form of periodic payments when the insured is unable to work as a result of illness or injury.

Health Insurance:
Provides reimbursement for specified medical expenses or treatments. Health insurance plans offer many options and vary in their approaches to coverage.

Long Term Care:
An insurance that provides a monetary benefit, usually paid weekly, for necessary services when an individual becomes incapable of caring for themselves and needs assistance with their activities of daily living (ADLS) such as dressing, bathing, etc….

Group Benefits: 
Benefits offered through group purchasing, traditionally offered to employees by employers or through associations.

Will Planning:
Preparation of a plan directing the disposal of a deceased’s assets/liabilities.

Estate Settlement:
The settling of one’s affairs after one’s passing. The liquidator/executor is to collect all assets, to pay all debts and direct the settlement of one’s estate as per the testator’s wishes laid down in his/her will.

Overseas benefits:
Overseas benefits are generally group benefits providing such coverage as Life Insurance, Medical Benefits, Disability Benefits, Critical Illness Benefits for employees domiciled in other countries but working for a Canadian or home-based company.

Financial Planning:
Assessment of your business or personal financial situation, determining your objectives and formulating financial strategies of how to achieve them.

Estate Planning: 
The process of planning the transfer of all personal assets at death to chosen beneficiaries, in the most tax efficient manner.

Deferred Compensation Programs:
Program that allows you to save and invest for your retirement, usually done via your employer.

Supplemental Executive Retirement Plan (S.E.R.P.):
A nonqualified deferred compensation retirement plan designed to provide benefits for executives, without regard to limits provided under a qualified retirement plan.

Travel and Accident Coverage:
Coverage that provides financial assistance in the event of illness, death or dismemberment while you are traveling out of your province or country of residence.

Expatriates Medical, Life and Disability Insurance :
Generally benefits payable to expatriates while stationed overseas primarily on business for a local company.

Registered Retirement Savings Plans (RRSP):
Program/plan which allows you to save for your retirement and benefit from tax deduction and deferral while accumulating.

Life Income Found (LIF, annuities):
Conversion of your pension plan or Deferred Profit Sharing Plan (DPSP) into a retirement income. It provides an alternative to a life annuity, and the opportunity to maintain control over pension capital and the flow of income (with some limitations).

Registered Retirement Income Plan (RRIF):
Conversion of your RRSP into a retirement income plan. It provides an alternative to a life annuity and the opportunity to maintain control over your investment and flow of income.

Pension (Group and Individual):
Post-retirement benefits that an employee may receive from their employers. A pension is essentially compensation received by the employee after he/she has retired, accumulated during their working career.

Critical Illness Insurance:
A form of health insurance that provides a lump-sum payment should you become seriously ill. It covers specific illnesses.

Investment Programs:
The use of money through various vehicles, or an individual’s time and effort, to make more income or increase capital, or both. The term investment infers that the safety of principal is important. On the other hand, speculation connotes that risking principal is acceptable.

Tax-Free Savings Account (TFSA):
The new Tax-Free Savings Account (TFSA) is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.