Scantlebury Wealth Management

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 ...

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...

  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...

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...

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...

I was recently asked a question that bothered me: Why should a married couple who have no children acquire a life insurance policy? The question shook me because I have more than a decade in the financial industry, and more than thirty years of personal experience; so a number of sad stories came to mind. One particular story was stronger than the rest though.  The couple were acquaintances of mine and they had just gotten married. They were in their twenties and in reasonably good shape. The husband was on a business trip and died due to natural causes.  Now I am the first to admit that this is an unusual circumstance. When the gentlemen passed, more than a decade ago, most of us would say that he could be expected to see his 80th birthday. Today, a similar Canadian who is male and twenty years of age could be expected to live to his 82nd year. So why would he need a policy? Well because all of us are different and we are not just averages. Whether, we think we are going to l...

Getting married is a large life commitment and there are so many things to think about. Many people think about the invitations and the flowers. The Groom thinks about his tuxedo, while the Bride thinks about her dress. There is food and venues and honeymoons that come to mind and need to be planned. Before getting married, however, I have learned that finances should be put alongside the cake and confetti. For, just as marriage is a time to celebrate the coming of two people, it is just as important to remember that two different ledgers are being merged. So, financial goals are important. Just think about it. If your spouse and you buy a house and they pass away, one question is left: is there enough money to allow for continued ownership of the house? Building a strong financial foundation can answer that question; and, often times that means reviewing the life insurance portfolio. Or, in a few cases, creating one. After over a decade in the industry, I have three reasons for this o...