I don't believe in insurance.
You would not be alone if you felt that insurance is an unnecessary expense.  The uncomfortable fact is that insurance is oftentimes something that we buy for someone else's benefit.  Life and disability insurance are purchased to provide for our families if we are no longer able to do so.  Insurance is a prudent consideration for almost everyone, and the type and amount will vary depending on our family situation and stage of life.  Your JV advisor can help with the sometimes uncomfortable task of looking at the worst case scenario, and can provide the peace of mind of knowing that you have relieved your family of a potential financial burden.

What about critical illness and long term care insurance?
Over recent years, the scope and complexity of insurance-based products offered in Canada have increased dramatically.  Two of the less traditional products that are now available to use are Critical Illness (CI) insurance and Long Term Care (LTC) insurance.

CI is insurance taht will be paid out as a tax free, lump sum benefit to the insured 30 days after the diagnosis of a covered condition, such as a heart attack, stroke, or cancer.  Having this coverage in place can help to ensure your family's protection today and your retirement plans for tomorrow, as you will not have to dip into your savings, cash in your investments, or take on added debt in order to cover all the expenses that will be incurred over and above your Provincial Health Plan.  This plan will allow you to recoved in peace by taking away the stress of worrying about your current and future finances.

LTC is needed when someone requires assistance with activities of daily living, either in their home or in a facility, due to an accident, illness, or advancing age.  Studies show that nearly half of today's population over the age of 65 will need some form of long term care, but although many elderly people see a benefit to this type of insurance, most are unable to afford the high premiums or are no longer insurable.  This plan should be considered in the peak earning years between 45 and 65 when premiums are more affordable and we are in better health.  An LTC policy allows you to preserve your retirement savings and can provide added flexibility in choosing the quality and type of care you wish to receive.

I am already 'self-insured'.
Some people are fortunate enough to not need insurance to provide for loved ones or to bring in an income if they become disabled, due to significant savings.  Insurance can offer an opportunity to leave a legacy in these circumstances, perhaps to increase the value of our estate for our beneficiariesor to provide a significant contribution to a charitable organization.  In addition, insurance also has tax advantages that introduce new options for non-registered investing, where money can grow in a tax-free environment.  JV works with you and your tax advisor to establish whether there are insurance strategies that fit well with the values of you or your business.

Does my business need insurance?
Small businesses and incorporated professionals have insurance considerations in addition to the obvious ones like liability and property insurance.  For a small business, these may be 'key man' insurance, in case of the loss of an indispensable employee or manager.  For an incorporated professional, this may include office overhead insurance so that the business can still exist should that individuals not be able to work for a certain amount of time.  And for almost any type of partnership arrangement, 'buy/sell' can alleviate significant concerns should a principal pass away or leave the business unexpectedly.