Self-employed planning
Consider income protection and business obligations together, especially when no employer plan is available. Review eligibility, occupation definitions, waiting periods and the coverage already in place.
Guidance from Ramandeep Singh in Brampton, serving Ontario and New Brunswick. Coverage and product availability depend on eligibility and province.
Where planning can help
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.
Common questions
Personal disability insurance is intended to replace part of earned income. Eligible business overhead coverage may address certain continuing business expenses under a separate contract. Compare each policy's purpose, covered expenses, waiting period and exclusions.
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