Coverage Checklist

Income replacement coverage

Enough coverage to replace your income for 10-15 years or until your youngest child is independent

Mortgage protection

Coverage to pay off your mortgage balance so your family can stay in their home

Debt coverage

Coverage for outstanding debts: car loans, lines of credit, credit cards

Education funding

Funds set aside for children's post-secondary education

Final expenses

Coverage for funeral costs, estate settlement, and immediate expenses ($15,000-$25,000)

Policy review date set

Schedule to review coverage at major life events: marriage, children, home purchase, retirement

Beneficiaries updated

Confirm your beneficiaries are current and correctly designated

Disability insurance

Coverage replacing 60-70% of income if you cannot work due to illness or injury

Critical illness coverage

Lump sum benefit upon diagnosis of cancer, heart attack, stroke, or other covered conditions

Supplemental health insurance

Coverage for prescriptions, paramedical services, and expenses not covered by provincial health plans

Dental coverage

Coverage for preventive, basic, and major dental work

Vision coverage

Coverage for eye exams, glasses, and contact lenses

Long-term care planning

Plan for potential care needs in later life: home care, assisted living, nursing home

Key person insurance

Coverage on essential employees whose loss would significantly impact the business

Buy-sell agreement funded

Insurance to fund buy-sell agreements between business partners

Business loan protection

Coverage to pay off business debts if you pass away

Group benefits for employees

Health, dental, and life coverage to attract and retain talent

Health Spending Account (HSA)

Tax-efficient way to cover personal and family medical expenses through your corporation

Out-of-province coverage

Emergency medical coverage for travel within Canada but outside your home province

International travel insurance

Comprehensive coverage for trips outside Canada including medical, trip cancellation, baggage

Annual multi-trip policy

For frequent travelers: coverage for multiple trips in a year

Pre-existing condition review

Understand stability requirements and coverage for pre-existing health conditions

Visitors to Canada coverage

Medical coverage for parents, grandparents, or other visitors from abroad

Super Visa insurance

Required $100,000+ coverage for parents/grandparents on Super Visa

Will completed and current

Legal document specifying how your assets should be distributed

Power of Attorney (financial)

Designate someone to manage finances if you become incapacitated

Power of Attorney (health)

Designate someone to make healthcare decisions if you cannot

Executor designated

Name someone to administer your estate

Estate tax planning

Strategies to minimize taxes owed at death, including life insurance solutions

Charitable giving plans

If applicable, structured approach to charitable donations during life or upon death