What we work with
Each of these has its own page, its own questions and its own answer. None of them asks for your name before it tells you something worth knowing.
Life insurance
- Term life insuranceCoverage for a set number of years, at a cost fixed for that term. It is the simplest contract in the market and the one most often bought for the wrong length.
- Term to 100 life insurancePermanent coverage with a cost that does not change and no expiry date. In the usual design there is no cash value inside the policy. The contract pays a benefit at death, and that is what it does.
- Permanent life insuranceCoverage that does not expire, and a contract that has to be read for what it builds as well as for what it pays.
- Participating whole life insurancePermanent coverage with two moving parts. A cash value guaranteed by the contract and following a table inside it, and a share of the surplus of the insurer, declared once a year and never guaranteed.
- Universal life insurancePermanent coverage with the insurance and the investment kept in separate compartments, and the owner deciding how much goes into each.
- No medical life insuranceA family of contracts issued without a medical exam. Inside that family there are two routes. Simplified issue asks health questions. Guaranteed issue asks none, and the contract is built differently because of it.
- Mortgage protection insuranceA personally owned life insurance contract used to cover a mortgage. It is not the same product as the creditor group insurance offered at the lender counter, and the differences are structural.
- Life insurance for seniorsApplying later in life changes the questions asked and the reason for the coverage. Income replacement is usually behind you. What remains is a cost that lands on an estate.
- Final expense insuranceA permanent contract of modest size, built to pay quickly to the person who takes charge of the funeral and the bills that arrive with it.
- Life insurance for childrenA contract on the life of a child. The death benefit is not the reason anyone buys it. What it holds is the right to add coverage later, whatever the medical record of that future adult turns out to be.
Visitors to Canada and travel
- Super Visa insuranceThe Super Visa lets parents and grandparents of Canadian citizens and permanent residents come for long visits. The medical insurance is not something bought alongside that application. It is a condition of it, and the application is refused without proof that a policy exists and has been paid for.
- Travel insuranceEmergency medical coverage outside your home province, for Canadians going abroad and for visitors coming here. A provincial plan pays little or nothing beyond the border, and a hospital abroad bills the patient directly.
Living benefits
- Critical illness coverageA lump sum paid on the diagnosis of a condition the contract names, while you are alive, whether or not you ever go back to work.
- Disability insuranceCoverage for the income that stops when you cannot work. For most working people it is the largest asset they own and the one they have never insured.
- Long term care insuranceCoverage for the help a person needs with ordinary daily living, at home or in a residence, when that help stops being something the family can provide alone.
The cornerstone guide
Start here: the whole strategy in one page
What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
Jose Salloum Canadian Wealth Creation Centre Inc.
Read the guideHealth and group coverage
- Health and dental coveragePersonal coverage for what a provincial plan does not pay: prescriptions outside the public formulary, dental care, vision, paramedical services and travel.
- Group insuranceOne contract covering a group of employees, arranged by the employer, and renewed every year against the group’s own experience.
Wealth
- AnnuitiesAn annuity turns capital into an income the insurer is obliged to pay: for a stated number of years, or for life. The capital is handed over, and the payment becomes a contractual obligation.
- Segregated fundsAn investment held inside an insurance contract, which is why it can carry guarantees, name a beneficiary, and behave differently from a fund held anywhere else.
The strategy
- The IFS™ strategyA way of arranging capital so that more of the financing a household or a company does anyway happens inside a structure it controls, using contracts designed for the Canadian framework.
- Immediate financing arrangementA permanent contract is funded, and a lender advances against the value inside it, so the capital keeps working in the contract while it is also put to use outside it.
- Policies built for the strategyA contract meant to fund the Infinite Financial Sovereignty strategy is designed differently from one bought only for the death benefit. The difference is in the design, not the brochure.
A thirty-minute discovery meeting
A first conversation establishes whether this fits. No illustration is prepared and nothing is arranged.
Often the answer is no, and you will hear it during the call rather than in a proposal afterwards.
The form is on the discovery meeting page and takes a minute. It arranges a conversation. It is not advice, and nothing is being sold here.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.
This is not tax advice, and the tax treatment depends on your own circumstances. The tax treatment described depends on the contract remaining exempt under the Income Tax Regulations and on the reader’s individual circumstances. A withdrawal, a surrender or a policy loan may be a disposition under the Income Tax Act, and amounts above the adjusted cost basis may be taxable in the year they occur. Tax rules change. Canadian Wealth Creation Centre Inc. is licensed in life and health insurance. It is not an accounting practice, it does not prepare returns, and nothing on this site is tax advice or an opinion on any reader’s tax position. Anything a reader intends to rely on should be confirmed with a professional accountant and against the current published rule of the Canada Revenue Agency and, in Quebec, Revenu Québec.
The tax result is not automatic and it is not unconditional. It rests on the contract staying within the Canadian rules and on your own situation. Before you rely on any of it, talk to an accountant who has actually worked with these contracts.
Guarantees come from the insurer, not from the government. Guaranteed values in a life insurance contract are contractual promises of the issuing insurer and depend on that insurer’s financial strength and claims paying ability. Dividends on a participating contract are not guaranteed, are declared at the insurer’s discretion and can change. Policyholder protection in Canada is provided by Assuris within its published limits; deposit insurance does not apply to insurance contracts.
The guarantees written into a contract are real, and they are the insurer’s. The dividend is not a guarantee at all; it is what the insurer decides to declare each year. Know which numbers are which before you make a plan around them.
Investment discussion is general and comparative. References to investment products, accounts or returns are for comparison and education. CWCC does not sell securities and is not registered with CIRO. Segregated funds are insurance contracts; their guarantees are the insurer’s and apply only at the dates and on the terms written in the contract. Returns are not guaranteed and capital can be lost.
When this site compares a contract with an investment, it is describing how each works, not telling you which to buy. Questions about securities belong with someone registered to answer them.