A solid financial plan isn't just about saving — it also protects your ability to earn an income. Three protections form the pillars of complete financial security: life insurance, disability insurance and critical illness insurance.
Life insurance: protecting those who depend on you
Life insurance pays a benefit to your beneficiaries upon your death. It is used to pay off a mortgage, replace income, fund your children's education or cover final expenses. The two main types are term insurance (coverage for a set period, lower premiums) and permanent insurance (lifelong coverage with potential cash value).
Disability insurance: protecting your income
Your greatest asset is often your ability to work. Disability insurance replaces a portion of your income if illness or injury prevents you from working. Key parameters: the waiting period, the benefit period and the definition of disability (own occupation vs. any occupation).
Critical illness insurance: a cushion at a critical moment
Upon diagnosis of a critical illness (cancer, heart attack, stroke…), this insurance pays a lump-sum amount you can use freely: uncovered treatments, home modifications, income replacement or simply peace of mind during recovery.
How much coverage?
- Analyze your debts, expenses and the needs of your dependants.
- Compare your existing protections (group benefits at work).
- Adjust coverage at major life stages: marriage, birth, home purchase, business.
A complete needs analysis determines the amounts and types of coverage truly suited to your situation, without unnecessary over-insurance.
Questions about your situation?
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Book a consultationFrequently asked questions
Term insurance covers a set period (10, 20, 30 years) at generally lower premiums. Permanent insurance provides lifelong protection and can accumulate a cash value.
It targets long-term disabilities, after a waiting period. It does not replace short-term sick leave, which is generally covered by an employer.
Ideally when you are young and healthy: premiums are lower and coverage is easier to obtain. Needs evolve, and protection adjusts accordingly.