Scantlebury Wealth Management

We often don’t think about mortgage life insurance as a priority—until it becomes the most critical factor in a person's financial life. This is especially true when a tragedy interrupts a real estate transaction. Many Canadians may not realize that certain credit products are technically callable. While a standard residential mortgage usually cannot be called as long as payments are made, HELOCs and commercial mortgages fall into a different category. These are often "demand" products. While, if a borrower passes away while utilizing a loan, mortgage, HELOC or commercial mortgage, the lender is under no obligation to honor the commitment to a deceased borrower. This leaves the surviving partner or estate in a devastating position: grieving a loss while facing a collapsed deal and potential legal liabilities for failing to close. Many buyers assume they can simply tick the insurance box at the bank during their final signing appointment. However, relying on the bank at th...

We Canadians are known for our hospitality. Whether we are flying family in from Atlanta for a long-overdue reunion or showing overseas friends the majesty of the Rockies, we want their stay to be defined by fond memories and great meals, not financial ruin. However, a recent story serves as a heartbreaking "what-if" for every Canadian host. As reported by Alessandro Passalalpi, a mother named Begum Bashiran travelled from Georgia to Ontario to visit her children in Waterloo. During her stay, she suffered a sudden, devastating stroke. Like any devoted son, her child rushed Begum to the hospital with a singular focus: her survival. Begum received world-class medical attention and survived. However, in the aftermath, the family faced a secondary crisis. Because Begum did not have “Visitors to Canada” Travel Insurance, her family was presented with a medical bill exceeding $110,000. Even after a small discount and draining her son’s savings of $55,000, a massive debt remained. T...

Whenever I am asked, "Does a single person really need life insurance?" my mind immediately goes to two children. Both were under the age of ten, and both were eventually declared uninsurable. I’ll focus on one child—let's call him "Bob"—who was born with a genetic kidney disease. Bob’s parents had considered buying him a life insurance policy early on. They were aware of the disease because it ran in the family, but they were concerned about affordability and decided to take a chance. When Bob began developing at a slower pace than his peers, his parents took him to a doctor. Tests confirmed their fears: Bob had inherited the condition. In that moment, he became uninsurable. This story illustrates a critical, and often overlooked reality: your true health can be worse than you expect. While a doctor looks for current symptoms, insurance companies look deeper into your long-term risk. That deeper look can have devastating consequences for your future ability to ...