Scantlebury Wealth Management

  When we think about surviving a critical illness like cancer, a stroke, or a major cardiovascular event, we tend to focus on things we can see: our genetic history, what we eat, how often we exercise, and the skill of our medical team. But public health data reveals a much starker truth. One of the most powerful predictors of whether you develop a critical illness—and whether you survive it—isn’t written in your DNA. It’s stamped on your mail. Where you live dictates your environment, your stress levels, and your access to life-saving care. This phenomenon is deeply tied to the “social determinants of health (SDOH)”: the non-medical factors that shape our daily lives. Accordingly, it is not a surprise that public health experts frequently point out that your postal code matters as much as your genetic code when it comes to your health outcomes. However, when it comes to true financial wellness during a medical crisis, there is another factor that dictates your survival: whether y...

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,...

During my career, I have been asked a simple question repeatedly: why should a twenty year old buy life insurance?  In many ways, this is the easiest and hardest financial planning question to answer. For the answer to the question lies in statistics, expectations, hopes and the way in which we wish to live our lives. Statistically, it is quite clear that most people in the Western World will not die tomorrow. The Institute of Medicine (US) Committee on Palliative and End-of-Life Care for Children and Their Families noted that while those between the age of 0 and 19 made up 29 percent of the population in 1999, they only made up 2% of all deaths.  In fact, if you look at statistics from Canada, the US and the UK, you see a remarkably similar trend. From birth to the pre-teen years, the likelihood of death drops off dramatically. Or put differently, based on the StatsCanada data from 2014-2018, from birth to age 1, 4.5 Canadian babies out of 1,000 will die. However...

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...