Life Insurance

Life insurance provides a tax-free lump sum to the people who depend on you, so that a mortgage, everyday bills or your family’s future plans don’t become a financial burden at the worst possible time. As a fully independent brokerage, Gary Silverman & Associates Inc. compares life insurance solutions and premiums from a wide range of Canada’s insurers to build a plan tailored to your needs and budget — at no extra cost to you.

Term vs. permanent life insurance

Term life insurance covers you for a set period — commonly 10, 20 or 30 years — with lower initial premiums. It’s a cost-effective way to protect a mortgage or your family while your children are young.

Permanent life insurance (whole life or universal life) covers you for your entire lifetime and can build cash value over time. Permanent options can offer:

  • Guaranteed premiums that never increase
  • A guaranteed amount of insurance that remains in effect for your entire lifetime
  • Guaranteed cash value that grows over time, with potential tax-saving advantages

Who needs life insurance?

Life insurance makes the most sense when someone depends on you financially. You should consider coverage if you:

  • Have a spouse, children or other dependents
  • Carry a mortgage, loans or other debt
  • Own a business or have a partner who relies on you
  • Want to leave an inheritance or cover final expenses and taxes

Individual and corporate life insurance

We offer both individual and corporate life insurance. For business owners, life insurance can fund a buy-sell agreement between partners, protect against the loss of a key person, and form part of a tax-efficient estate plan. For families, it replaces lost income and keeps long-term plans on track.

Why work with an independent broker

Because we aren’t tied to any single insurer, we shop the market on your behalf and recommend the policy that genuinely fits — not the one a single company happens to sell. Take comfort that your plan delivers long-term protection, and that a licensed advisor is reviewing it with your whole financial picture in mind.

Call the life insurance experts at Gary Silverman & Associates Inc. and see what insurance solutions we can find for you.

Critical Illness Insurance

Critical illnesses such as cancer, heart attack and stroke are stressful enough without the added financial strain of an extended recovery and lost income. Critical illness insurance pays a tax-free lump sum if you are diagnosed with a covered condition — money you can use however you need, with no restrictions.

What critical illness insurance covers

Coverage varies by policy, but plans commonly include a range of serious conditions such as:

  • Life-threatening cancer
  • Heart attack and stroke
  • Coronary bypass surgery
  • Major organ failure or transplant
  • Multiple sclerosis, Parkinson’s and other covered conditions

How you can use the benefit

Because the payout is a single lump sum, you decide how to spend it. Common uses include:

  • Replacing lost income while you recover
  • Paying your mortgage, bills and everyday expenses
  • Covering treatments or medications not paid by your provincial plan
  • Travelling for specialized care or hiring help at home

Critical illness vs. disability insurance

The two work together. Critical illness insurance pays a one-time lump sum on diagnosis — whether or not you can still work — while disability insurance replaces part of your income for as long as you are unable to work. We can help you identify and close any gaps between them.

Ask us about our wide range of critical illness insurance policies and benefits, including options that can return your premiums if you never make a claim.

Long-Term Care Insurance

Long-term care insurance helps cover the cost of care when age, illness or a disability leaves you unable to manage everyday activities on your own — such as bathing, dressing, eating or getting around. It provides peace of mind for you and your loved ones, and helps you keep your independence should you one day need ongoing professional care.

Why long-term care insurance matters

Provincial health plans cover only part of the cost of long-term and home care, and that gap can quickly erode the retirement savings you worked hard to build. Long-term care insurance helps you:

  • Protect your retirement savings and other assets
  • Preserve your lifestyle and independence
  • Relieve your family of the financial and caregiving burden
  • Keep a choice in where and how you receive care

What it can cover

Depending on the plan, benefits can apply to:

  • Home care and support, so you can stay in your own home
  • Assisted-living residences
  • Long-term care and nursing facilities

The earlier you put coverage in place, the more affordable it generally is. Call us at 514 931-0111 and see what long-term care insurance options we have to suit your needs.

Disability Insurance

Your ability to earn an income is one of your most valuable assets. Disability insurance protects it by replacing a portion of your income if an illness or injury keeps you from working. It fills the gaps left by government programs such as the CNESST, which covers only work-related injuries, and Employment Insurance, which is short-term.

Who should consider disability coverage

If you depend on your income, disability insurance is worth considering — and it is especially important if you are:

  • Self-employed or a business owner without group coverage
  • A professional whose income depends on your ability to practise
  • An employee whose group plan offers limited or no long-term disability benefits
  • The primary earner in your household

Features to look for

We offer a broad range of competitive policies, with features such as:

  • “Own-occupation” coverage that pays if you cannot work in your specific profession
  • Residual or partial benefits if you return to work part-time
  • Recurrent disability and rehabilitation coverage
  • Business overhead expense coverage for owners

Call the disability insurance experts at 514 931-0111 and see how we can help you select the coverage that best protects you.

Life Insurance FAQ

How much life insurance do I need?

It depends on your situation — typically enough to replace your income, pay off your mortgage and debts, cover final expenses and fund goals such as your children’s education. A common starting point is seven to ten times your annual income, but we tailor the amount to your specific needs and budget.

What is the difference between term and permanent life insurance?

Term life insurance covers you for a set period — such as 10, 20 or 30 years — with lower initial premiums and pays a benefit only if you pass away during that term. Permanent life insurance (whole or universal life) covers you for your entire lifetime and can build cash value over time, with higher premiums.

Do I still need life insurance if I have coverage through work?

Often, yes. Group coverage through work is usually limited — commonly one to two times your salary — may not be portable if you change jobs, and can end when your employment does. A personal policy supplements that coverage and stays with you wherever you work.

Is a life insurance payout taxable in Canada?

Generally no — the death benefit paid to a named beneficiary is received tax-free in Canada. Permanent policies can also offer tax-advantaged cash-value growth. We can explain how a policy fits into your overall tax and estate plan.

Can I qualify for life insurance if I have a health condition?

Frequently, yes. Options range from fully underwritten policies to simplified or guaranteed-issue coverage, depending on your health. Because we are independent, we compare offers from many insurers to find one likely to approve you on the best available terms.

Why use an independent broker instead of buying directly from one company?

An independent broker is not tied to a single insurer. We compare coverage, features and premiums across many of Canada’s insurers to match the right policy to your needs and budget — at no extra cost to you, since we are compensated by the insurer you choose.

What is the difference between critical illness and disability insurance?

Critical illness insurance pays a single tax-free lump sum if you are diagnosed with a covered condition, whether or not you can still work. Disability insurance instead replaces part of your income for as long as an illness or injury keeps you from working. Many people carry both, since they cover different risks.

What conditions does critical illness insurance cover?

Most plans cover a range of serious conditions — commonly cancer, heart attack, stroke, coronary bypass surgery, major organ failure or transplant, and conditions such as multiple sclerosis and Parkinson’s. The exact list varies by insurer, so we compare policies to find the coverage that matters most to you.

How much of my income does disability insurance replace?

Disability benefits typically replace roughly 60% to 85% of your income, up to a maximum based on your earnings. Because benefits from a personal policy are generally received tax-free, that can come close to your usual take-home pay. We help you choose the right amount and waiting period.

Do I need disability insurance if I have coverage at work?

Often, yes. Group disability coverage may be capped, may define “disability” more strictly, is usually not portable if you change jobs, and benefits from an employer-paid plan can be taxable. A personal policy can supplement your work coverage and stays with you.