Scantlebury Wealth Management

It is not uncommon to learn by doing. When working with clients on their estate planning needs, I have often asked a simple question: “if you were to die today, would you want to donate some of your estate to any particular charity?”. Oftentimes, that question does not trigger a response. That is not surprising. However, one time, it did. The client’s answer was simple: “I had not given it much thought”. Yet, the conversation did not stop there. My question - if you were to die today, would you want to donate some of your estate to any particular charity - led to a different response: an exchange. After some talking, we made a plan, and that plan led to action. Eventually, we figured out the desired outcome, and she changed her will. Within six months, she had passed; and, a charity received a big cheque.  We often don’t think about what would happen once we pass. However, for just a second, imagine that you could give a gift of several thousand dollars to a charity - like an endow...

It is probably a question that has not occurred to anyone recently.  I often ask people that simple question: can I review your disability insurance? If you haven’t guessed, the answer is usually a polite refusal. People often tell me that they have enough insurance, that their group insurance is fine and it works or that they have no need of disability insurance. In that same breath, I can also say that I have lost count of the number of people who have run into trouble later. That later account usually doesn’t come from the same people to whom I have asked the question. It usually comes to my attention from a friend, a colleague or someone we have in common.  The story comes to my ears as a health event; one that was “unanticipated, unpredictable and unexpected”. It is seen as an incident that could not have been foretold. It could be a white collar professional who started experiencing the pains that come with fibromyalgia or polymyalgia, or a blue collar professional who e...

Canada finds itself at an unprecedented demographic crossroads. A growing segment of the population now belongs to the "sandwich generation": individuals between the ages of 30 and 60 who find themselves simultaneously supporting dependent children and aging parents. In many modern households, due to remarriages, late-in-life births, or increased longevity, caregivers are often juggling three or even four generations at once. In such a busy environment, there are the usual distractions. There are the usual dental appointments to clean teeth and add crowns. There are medical appointments for bumps, bruises and check-ups. Someone has to do the cooking and the grocery shopping, while simultaneously ensuring that the car gets taken to the mechanic to change the oil, or the tires. Kids have to be taken to extracurricular activities, like basketball try-outs, dance or piano recitals, soccer or hockey lessons. In this modern world, there is very little time for rest, let alone to th...

When I first got my life insurance license, I was surprised by the number of people who didn’t have disability insurance. Yet today, I understand why it happens. Most of us are happy to receive a paycheque, and most of us are even happier when our employer offers us a group insurance policy. The reason is simple: in most people’s mind, a group benefit insurance policy is the gold standard in the employee-employer relationship.  Yet, there is something that most people don’t fully appreciate: disability insurance coverage does not come standard in that arrangement. It came as a surprise when I started evaluating  group benefit packages. However, over the years, it has become one of the things that I look for. The reason for this discrepancy, this incongruity, is simple: group insurance packages are not all the same. Or put differently, there is no standard group benefit package. Rather, each package is a creation of a broker, an employer (or plan sponsor) and the group insuranc...

Imagine starting a new job, full of hope for the future, only to have your world turned upside down two weeks later. That is exactly what happened to Kayla in 2023. After finding a lump on her neck and experiencing difficulty swallowing, she was diagnosed with anaplastic thyroid carcinoma - a rare and aggressive form of thyroid cancer. The problem for Kayla was a simple one: she had recently taken time off to care for her two small children; and, she hadn't built up enough hours in her new job, in her new role. The result? She was completely ineligible for EI sickness benefits. Which brings me to a key point: the financial strain of a critical illness doesn’t just come from the loss of a paycheck. Sometimes, the hidden cost is just receiving the treatment. In Kayla’s case, this meant travelling 3 hours from a rural home to an urban centre. In Kayla’s case, this meant leaving young children behind for 6 weeks during treatment, isolating children from their ill parent at a time when...

The field is quietest just before dusk, when the long shadows of the goals stretch across the grass. For Sarah, that patch of green had always been a sanctuary. It was where she had out-sprinted her anxiety during final exams, and where, during a fierce co-ed match in her university days, an accidental collision led to an apology, a post-game coffee, and eventually, a wedding band. Now, that same love of the game lived on in the frantic, joyful energy of her two sons. Watching them chase the ball from the sidelines, she could still hear the precise, familiar thwack of a perfect strike. Sarah’s life had been defined by that kind of momentum. She possessed a quiet, unstoppable drive, earning her Bachelor of Science and started her Masters, before pivoting and securing her doctorate. As a researcher at a major medical facility, her days were spent unweaving complex human puzzles, dedicated to finding answers that would save lives. She was successful, fulfilled, and deeply grounded by the ...

In the rush of a real estate transaction, many homebuyers are operating with a dangerous blind spot. While the journey to homeownership is a whirlwind of inspections and appraisals, most buyers focus on "Closing Day" as the finish line. In reality, there is a precarious financial gap that exists between signing the Agreement of Purchase and Sale and the moment the keys are in your hand. While it is common to assume that a tragedy would simply "cancel" the deal, the legal and financial reality in Canada is far more aggressive: the deal must go on, even if you don’t. Standard real estate contracts in Canada’s common law provinces typically include a clause ensuring the agreement is binding not just on the signers, but on their "heirs, executors, administrators, and successors." Legally, the death of a buyer does not void the contract. Instead, the purchase becomes an immediate and mandatory obligation for your estate. This is where the financial crisis peaks...

While Canada's public healthcare system is a point of national pride, a cancer diagnosis reveals a sobering reality: survival often comes with a staggering price tag. According to recent data from the Canadian Cancer Society (CCS), the projected average lifetime cost for an individual impacted by cancer is nearly $33,000 . For many, this financial burden is as daunting as the medical diagnosis itself. As out-of-pocket expenses are anticipated to rise significantly over the next decade, securing critical illness insurance has shifted from a "luxury" to a vital financial safeguard. The economic repercussions of a cancer diagnosis are serious, and they extend far beyond the hospital room. Just as an example, take the rising out-of-pocket treatment costs. From specialized medications not covered by provincial plans to home care equipment, the costs are real and they add up quickly. Just as a small example, cancer treatment can be hard on the body; and it is usually recommende...

  You have probably heard about a Canadian who wished that the federal or their provincial government did more to help those who are in crisis. What if you were given the ability to plan for these moments?  Critical illness insurance is designed to provide financial support if you are diagnosed with a severe medical condition. One of the appealing aspects of this insurance is that it offers a lump sum benefit, which pays out even if you fully recover or do not experience a loss of income or diminished capacity to work. This payout can be particularly useful for covering out-of-pocket medical expenses, replacing lost income, or simply providing peace of mind during a challenging time. In Canada, critical illness insurance policies typically cover a defined list of conditions. When you meet the policy's criteria for any of the following critical illnesses, you may be eligible for the lump sum benefit. This includes Aortic surgery, Aplastic anemia, Bacterial meningitis, Benign br...

A cancer diagnosis is a life-altering event that extends beyond the physical and emotional struggles. The financial implications can be equally daunting, encompassing the costs of treatments such as surgery, chemotherapy, and radiation. For many patients, maintaining employment during treatment is challenging, and it often results in a significant decrease in household income. This phenomenon, commonly referred to as "financial toxicity," is prevalent even in countries with universal healthcare coverage, like Canada, where patients still face substantial out-of-pocket expenses. Sometimes, the costs are small. They could include parking fees and accommodation expenses for themselves and their caregivers. This could be especially true when dealing with lengthy treatments like radiation therapy or stem cell transplants. Or, the costs could be larger. They can include travel expenses for those who live in rural or remote areas.  Since these costs are generally not covered by publ...

A cancer diagnosis is often overwhelming, not just emotionally and physically, but also financially. Treatments such as surgery, chemotherapy, and radiation can make it difficult for patients to maintain their employment, leading to a significant decline in household income. This issue, often referred to as "financial toxicity," is particularly prevalent in Canada, where the healthcare system provides universal coverage yet still leaves patients facing substantial out-of-pocket expenses.  x The Canadian Cancer Society indicates that the average financial burden for a Canadian cancer patient over their lifetime is estimated to be nearly $33,000. Given that only about 50% of Canadians have disability insurance, either on their lives or through group benefits, the potential for debt accumulation or depletion of savings is high and the additional strain that this situation adds to individuals already battling a life-threatening illness is real. One of the financial challenges ari...

In Canada, it is often assumed that healthcare coverage extends uniformly across our 10 provinces and three territories. However, a recent incident underscores the crucial need for travel medical insurance even when traveling within the country's borders. As reported by Pat Foran of CTV News, Doug McGinley experienced an alarming situation during a cross country trip this year. Despite typically purchasing travel medical insurance for international trips, Doug - a resident of Oakville, Ontario - didn’t acquire coverage for this trip. After all, he was just travelling within Canada. What could go wrong? However, while driving through Saskatchewan, his journey took an unexpected turn: he began experiencing chest pains. After crossing into Alberta, he was admitted to a hospital in Medicine Hat, where medical professionals determined that he had suffered a mild heart attack. The situation escalated, requiring air ambulance transport to Calgary for emergency treatment. During this harro...