Scantlebury Wealth Management

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...

For many business owners, their company is more than just a source of income; it’s their primary asset: a legacy and a symbol of their diligence and industriousness; a hard-earned result of years of dedication. However, the very factor that makes a business thrive—the owner’s leadership and vision—is also its greatest vulnerability. If a sudden health crisis or injury prevents a business owner from working, the stability of the entire organization is at risk. Integrating critical illness and disability insurance into a corporate strategy is not merely about personal protection; it is a fundamental pillar of business continuity planning.  A diagnosis ranging from cancer to stroke, from a disability to a heart attack, can cause immense personal and professional disruption. While healthcare systems address immediate medical needs, they often do not account for the ongoing operational expenses of a corporation. This is where corporately owned critical illness or disability insurance co...

What is your most valuable asset? You might say it is your car, an antique piece of furniture or a piece of jewellery. I would say that you are mistaken. Let’s start with jewellery. The most expensive piece of jewellery for most people would most likely be an engagement or a wedding ring. While some engagement rings can cost as much as $30,000; one comparison website ( RateSupermarket.ca ) pegged the average cost of one at about $4,000.  Now, a car is more expensive than an engagement ring. If we use DesRosiers Automotive Consultants or autoTrader as our source, both have indicated that the average passenger vehicle in 2019 was just over $40,000: $40, 941 and 40,900, respectively. However, we can do better than that. As an example, think of a person’s house. Given that the average house price in Calgary is between $448,000 and $457,000, one could argue that that is the most expensive or valuable asset. For, it is more costly and beneficial than anything previously mentioned. How...

So you are graduating from school and you want to save for your future. You go to a financial planner and you say I have $75 dollars a month to put away, can you make a recommendation? I have come across this situation more than you can imagine and my answer has changed over the years.  Today, more often than not though, I would probably give the same answer. If you have a job with a group plan which has disability coverage, I would suggest that someone spends $25/mth on insurance and put $50 into a savings “fund”. That $25 a month should get you a small life insurance policy as well as either a small critical illness or catastrophic drug policy. The $50 should be put away in a GIC or accumulation annuity until you have $2,000 dollars. Once you accumulate $2,000, you can put money into a non-registered money market mutual fund or money market segregated fund until you accumulate $10,000. From there, in association with your GIC or non-registered funds, you can graduate...

As Canadians, we rarely think about the cost of health care. Most of us rarely have to pay for the services of a doctor or a nurse. While, we are all too aware of the political debates over the provision and use of health care resources and know of the arguments that happen between doctors, nurses, hospital officials and various federal and provincial politicians, we don’t get a bill for it. All we know is a simple fact: we are asked to pay taxes for our imperfect health care system. If you are lucky enough to have a Group Insurance Plan, through your employer, I could probably ask the same question. Generally speaking most employees ask a few questions as they need it or when the premium increases. Other than that your employer deals with the yearly renewals and most of the administration of the plan. All of this means that most Canadians rarely understand the cost of Canadian Health Care. While, it is true that we pay our taxes and some have supplemental coverage rarely is there an a...

So whenever I am asked, “does a single person need insurance”, two children come to mine. Both Children were under the age of ten and both were declared to be uninsurable. For our purposes, I will focus on one child because he had a genetic kidney disease. I will call him “Bob”. In Bob’s case, his parent’s had thought about buying him a life insurance policy early on. His parent’s knew about the disease because members of their family had it. However, they ran into an issue of affordability. So they took a chance. However, when Bob developed at a slower pace than his peers, his parents did the right thing and took him to the doctor. Tests were booked and performed and the test confirmed that Bob had inherited the condition. As a result, he became uninsurable. That short anecdote is important because it illustrates a simple problem: one’s true health can be worse than expected. While, a doctor usually asks if a person has any symptoms, life insurance companies often look a bit deepe...

One question I am asked by clients on a regular basis is: “Since I have group benefits through my employer, why would I need to supplement it with life insurance?” This question is especially popular amongst those who are younger and one can understand why. If one doesn’t own a home or have children, one might not see the value in a life insurance policy. In fact, it is often seen as an unnecessary expense. However, I disagree and these are some of the reasons that I share with my clients. Firstly, you might need a life insurance policy in the future. You might get married. You might adopt a baby or – because of death or circumstance – you might take a friend’s child under your roof. I know this because, as a financial professional, I have seen all of those circumstances. I can honestly say that no one can see what the future has in store for them and being prepared is the best way to deal with it. Too often, financial professionals see the consequences of someone who has not prepared...