Self-employed planning
Self-employment creates independence, but it can also concentrate risk. There may be no employer sick pay, disability plan, health benefits or pension working in the background. The goal is to build protection around the income and responsibilities that depend directly on you.
Why people look for this coverage
Disability and critical illness coverage address different risks. Disability insurance may replace part of earned income when a qualifying illness or injury prevents work. Critical illness insurance may provide a lump sum after a covered diagnosis and survival period. Eligibility, definitions and benefits vary by policy.
Personal health and dental coverage, life insurance and income protection can be reviewed together. The useful question is not how many products to buy—it is which financial risks are too large to self-fund.
RRSP, TFSA and other savings options may support long-term goals, but the strategy should also consider cash-flow variability, emergency reserves and the possibility that work is interrupted before retirement.
Hiring employees, incorporating, taking on debt, buying property or changing family responsibilities can create new planning needs. Existing coverage, mortgage protection, group benefits and beneficiary arrangements should be reviewed as the business and household change.
A practical next step