Scantlebury Wealth Management

If you spend any amount of time listening to Canadians, it becomes clear that our health care system  does a good job at treating critical illnesses like cancer, heart attacks and strokes. However, it has  some severe limitations. One of those limitations is imposing a large amount of costs on individual patients. Last year, CBC talked about a Calgary man who was facing cancer treatment delays because the specialized therapy he needs is offered in Edmonton, but is not yet offered in Calgary. With that being said, there are also recent reports that many women in Saskatchewan are having trouble getting urgent breast cancer biopsies; and there are two reasons for that. Firstly, the care is not offered in their home province of Saskatchewan. They have to travel to Alberta, specifically Calgary, to get the care that the government of Saskatchewan will pay for. However, this is where the second problem comes to the fore: even with partial reimbursement from the Government of Saskatc...

In life's rapid pace, the notion of the unexpected is a frequent anxiety for many Canadians. The concern isn't just about a potential health crisis; it's about the very real possibility of financial devastation that often follows. This is why Critical Illness Insurance is no longer a luxury—it is an essential layer of protection for your financial future. While Canada's public healthcare system provides exceptional support, it does not cover all the hidden, life-altering expenses that accompany a serious diagnosis. Your daily income, mortgage payments, specialized recovery costs, and home modifications all remain your responsibility. A Critical Illness Insurance Policy solves this challenge by delivering a single, tax-free lump sum cash payment directly to you upon diagnosis of a covered illness. As a result, unlike disability insurance, which replaces lost income, or traditional health insurance, which covers medical bills, this policy delivers a single, tax-free lump ...

When you buy a home, you’re usually thinking about paint colours and floor plans. If the home is older, you might be thinking about changing the tiles and regrouting the bathroom. But, you’re probably not thinking about how to pay for the mortgage or maintain the home if you have a diagnosis of a life-altering illness. However, a house is more than a home; it’s a financial commitment that relies entirely on your ability to earn and maintain an income. This is why I recommend that most Canadians should consider a critical illness insurance policy. While Canada’s publicly funded healthcare is a point of pride, it doesn’t pay your mortgage or your out-of-pocket medical bills; and the effects of those costs, called "financial toxicity", can hit families when they least expect it.  A national study, sponsored by the Canadian Cancer Society, found that 33% of people with cancer reported the financial strain from out-of-pocket costs to be high. This should not be surprising because...

Buying a house in Canada will likely be one of the biggest financial decisions of your life. Home ownership can help secure your financial future; and that is why you need to make wise decisions for today, and for the long term. In this article we point out some common and costly mistakes first-time home buyers make. We also offer some home buying tips and show you why signing a mortgage can be the best time to look at term life insurance. Thinking ahead is the key. The dream of moving into your very own home, a place where you will raise your family and make memories, is an appealing plan.  Buying a new home can be emotional and when you find a place with ‘curb appeal’ that ‘shows well’ it is completely natural to want to jump in with both feet. But quick decisions can often lead to mistakes. Here are some of the most common mistakes made by first-time Canadian home buyers: Not having a financial plan for what you want, need, and can afford in a new home. Taking a full and honest ...

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...

Every few years, CBC Marketplace looks at Canada’s big banks and their practices of providing balance-protection insurance. CBC Marketplace says that notes that “high risk for consumers” are often provided with a product "without appropriate explanation.” CBC Marketplace says: "It's expensive, doesn’t cover a lot of situations, and it pays out a very small amount most of the time." Please take the time to watch it: 

When I gained my Life Insurance Licence, I had one belief: there is very little difference between life insurance companies. After all, don’t all life insurance companies provide a product which pays out at death? Isn’t that all one needs to know about life insurance? I quickly learned that the answer to those questions is not that simple. For example, all the big Canadian Banks partner with the largest Canadian Insurance companies to provide creditor insurance products in their retail bank branches. At this point, Canada Life Assurance Company works with ScotiaBank, TD Canada Trust, CIBC, & RBC; while SunLife Financial works with BMO. Manufacturers Life ensures that First National has a creditor plan.  However, there is a problem with this type of life and/or health insurance: there is no guaranteed payout. Now, for many people, this might seem odd; however, it is the truth. Because Canadian Banks cannot sell individual life or health insurance policies in their bank branches,...

When buying a house, many people have a list of professionals that they go and see. They find a realtor and a real estate lawyer. They find a mortgage broker or a banker to secure the mortgage. From that point, there is a search for a home inspector, a property insurer and sometimes a designer or architect. Buying a house is an important and time consuming endeavour. In all of that confusion, it is understandable that many new homeowners forget to phone their life insurance agent. For when their banking officer or mortgage broker asks them one question - "Would you like to have mortgage life insurance?" – they often say yes. It is another box ticked and something else has been removed from their plate. However, with over ten years in the financial industry, I know that that decision can be a costly one. I first read about the costs of Creditor Insurance or bank-provided Mortgage Life Insurance from Bob Aaron. He is a Toronto area lawyer. In an article in the Toronto Star, dat...