Life Insurance Is a Part Of Your Comprehensive Financial Plan

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Insurance Companies You Can Compare Through Our Free Tool

Through our agreements with PPI SOLUTIONS and referral networks, we are able to access the following insurance providers.

  • Assumption Life
  • BMO Life
  • Canada Life
  • Canada Protection Plan
  • Custom Care
  • Desjardin
  • Empire Life
  • Equitable Life
  • Foresters Financial
  • Humania Assurance
  • Industrial Alliance -IA Financial Group
  • Ivari
  • Manulife 
  • RBC Insurance
  • SSQ Insurance
  • Sun Life Financial
  • The Edge Benefits

What Our Clients are Saying

Kevin Aguilar
Kevin Aguilar
18:01 21 Nov 21
Hervin is a great financial planner and really takes the time to understand each individual and their situation. He... gives honest and trustworthy advice and isn’t scared to tell you what you may not want to hear. You can tell he really wants to help people and truly teaches you what we should’ve been learning in school. Book a consultation and subscribe to his YouTube channel. He won’t disappoint!!!read more
Christopher Miranda
Christopher Miranda
19:16 04 Feb 21
I booked a consultation session with him and he did not disappoint! Great financial planner and really helped my give... me a solid foundation to start my business. Very transparent and knowledgeable. Highly recommended!read more
Rosemarie Magdirila
Rosemarie Magdirila
18:25 25 Jan 21
Hervin was able to breakdown my goals and ideas& walk me through every scenario on how to create valuable and... successful for your money. I highly recommend Hervin when it comes to financial advices. He is a professional,well knowledgeable, and really responsive financial planner. Thank you so much Hervin for our meeting today .Stay safe!read more
Anthony Sapa
Anthony Sapa
18:17 28 Dec 20
Insightful, knowledgeable, and determined. Hervin answered all of my questions with great detail and insight.Hervin... gives a very personalized service that doesn't make you feel like you are a number to him. He goes out of his way to understand you first so that he can better advise you. He structures his plan specifically to match your life style, growth, and comfort.read more
Vida Valerie Vispo
Vida Valerie Vispo
06:49 27 Dec 20
Highly recommend!! If you’re like myself and partner, who are just starting in life, and don’t know where to start, or... how to start with financial needs, life insurance needs, critical illness, and many more he’s the right person to talk to! Definitely with just 1 meeting you learn a lot, an eye opening experience. He goes into detail about what you should have but within your means. DEFINITELY CONTACT HIM! Our plans are starting to have a clearer path!read more
Lea Crisostomo
Lea Crisostomo
20:52 12 Dec 20
We are very grateful to Hervin for helping us understand what life insurance is all about. He is very knowledgeable and... very nice person to deal with. The way he explain helps those who don’t have any idea on what plan to get. Thank you and your dedication is appreciated.read more
Mia-Mei Hernandez
Mia-Mei Hernandez
03:34 08 Dec 20
Hervin Pesa is truly good at what he does. He is responsive, smart and professional. He explained all the details... thoroughly and even gave me advice that would actually benefit me in the long run. He foresees possible situations or circumstances that may have a great impact for you in the future. He gives the wisest and smartest insights to handle or avoid possible unfortuitous events. With his ability to think ahead, you and your family are sure in the right hands. Plus, he truly emphasizes what you actually need rather than what you want.read more
Ann Irine Guillem
Ann Irine Guillem
18:44 18 Nov 20
Hervin, very professional and thorough with his transaction with me He made sure to discuss all the options that I have... to make sure I pick what is the best insurance for me.read more
stargazer jugger
stargazer jugger
00:30 17 Nov 20
Kuya Hervin Pesa has a natural rapport with people and does very well communicating others. His ability to quickly... assess problems and quickly identify a solution. He is very professional for delivering his advices for me to understand what I need for my insurance. So, I highly recommend him to all who is looking for affordable but high quality insurance.read more
Farzam Bahrambic
Farzam Bahrambic
19:38 11 Nov 20
Hervin was able to breakdown my goals and ideas and walk me through every scenario on how to create a valuable and... successful business. He was very professional and went straight to his resources. I would recommend hervin to any new or experienced business owner. Asking for help is a big part of growing. 10/10 for the services I received from Hervin.read more
Alyanah G
Alyanah G
22:14 09 Nov 20
Recommended.. He will surely get 5 stars or more because he knows what he is doing. A man with integrity and... professionalism.. He will guide you all the way until you feel secured and contented. He is a family man so he definitely knows what a family needs when it comes to security and peace of mind. Thank you for all your insights and Keep up the good work..God Bless you more..read more
Chad Bailey
Chad Bailey
18:19 06 Oct 20
I highly recommend Hervin!His very professional and great listener! He will provide you with great options that will... suit your insurance needs at an affordable price. What are you guys waiting for?why wait for something to happen and regret it....please send him a message so he can provide you with the right insurance that will protect not only you but the most valuable in your life...your family!read more
Laine Delos Reyes
Laine Delos Reyes
17:59 31 Aug 20
Actually I found Hervin’s page in social media and made an inquiry online. At that time, i was looking to add... additional insurance for my family since I am that type of person who believes that Life Is Short and to prepare for the future of my family in times of contingencies is important for me.Immediately, Hervin contacted me and gave me all available options. My insurance was all processed online and that includes live videos, phone calls and emails. As insurance advisor, Hervin handled my account in a very professional manner. Now I feel secured that I am covered and my family is protected.read more
kenia Martinez
kenia Martinez
00:26 06 Aug 20
The service Hervin provided was great, he took his time explaining documents in detail, would always accommodate... meetings to suit my schedule, and was very knowledgeable.I highly recommend!read more
Christine Maravilla
Christine Maravilla
21:16 28 Jul 20
Sir Hervin is very helpful and has wide knowledge in his field. I can say that getting a life insurance will be a lot... easier if you go to him.read more
Rob Symington
Rob Symington
18:00 24 Jul 20
Hervin gets a five star review because he deserves it!! If your looking for someone that cares about his customers give... him a call. I’ve worked with Hervin for years and have nothing but the best to say about how he does business. Again ⭐️⭐️⭐️⭐️⭐️ Thank you for all you do.read more
maria Carla Palaming
maria Carla Palaming
12:35 19 Jun 20
Recommended. He will help you not to get commission but because he believed its better to have something than nothing.... Thank you Hervinread more
Michael Chandara
Michael Chandara
19:58 14 May 20
Hervin went above and beyond when it came to my financial questions. He was very knowledgable when it came to my... situation and I was very happy that he was able to guide me in the direction that was best suited for me. He was also very professional and I would definitely recommend him to my friends and family!read more
Emjhaee M
Emjhaee M
17:32 11 Dec 19
Hervin and his team were fantastic. They helped us with our financial plan and insurance options without making us feel... bad or behind. He’s so good a simplifying things for us to make sure we are really aware of our choices. Ive recommended him to friends and I don’t regret it.Thanks again!read more
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Fee For Service Financial Planning- Advice That Put's You First.

We want to empower you with advice that puts you in control.

What You Need To Ask When Looking For Life Insurance (FAQ)

Full List

Why Do I need Life Insurance?

Well, the truth is, you may not need life insurance. If you don’t have anyone who is financially dependent on you, you may have no reason to get life insurance yet. Before all the bells and whistles, life insurance is really there to provide your loved ones with a way to replace the income you currently provide for them. Everyone had a different need and a different financial situation, so it’s best to get in touch with us to get advice or, use our insurance calculator if you are simply feeling a little shy.

 

Run through this quick checklist; if you find that any of these apply to you, you may need to consider life insurance further:

 

  • I have young kids who rely on me and my income to provide for them.
  • I am planning on having children.
  • I have a spouse who needs my income and financial contributions to maintain our lifestyle and achieve our financial goals.
  • I have a mortgage outstanding on my primary residence
  • I have a mortgage outstanding on my rental property or properties.
  • I have debts and financial obligations which would need to be covered.
  • I have a desire to leave a legacy through my estate (I want to leave an inheritance)
  • I want to make sure my final or burial expenses are covered.

Do any of these apply to you? Or perhaps you think it would apply to you in the future?

 

Consider reaching out to us and speak with a qualified life insurance expert.

How Much Life Insurance Do I Need?

The amount of Life Insurance needed changes from person to person. This depends on a variety of factors, with income being the most important factor.
Most Canadians believe they need life insurance for their mortgage, but few ever consider the financial impact of their incomes going away if they went away(for good).
We suggest replacing your income at least until your youngest dependent becomes an adult. In some cases, when clients need to provide care for an infirm loved one, this may mean replacing their income for the lifetime of their dependent. 
There are rules of thumb like 10X or 20X your income, but we find that those are not specific enough and could lead to getting life insurance coverages that are too large or too small.


You can chat with us or use this calculator to estimate how much insurance you would need.
If you want more specific answers, request a complimentary call with our licensed life insurance experts.

 

What Is a Term Life Insurance Policy?

A term life insurance plan is perfect for covering insurance needs that would eventually go away. Term insurance policies usually come in 10-20 or 30-year term options. The numbers refer to how long their premiums will be locked in. Term insurance is the most affordable type of life insurance if used to cover the proper needs.

If you purchased a Term-10 life insurance policy and kept it for the duration of a 25-year mortgage, you would end up overpaying and would have been better off getting a 25-year term plan from the start.


That’s because the Term-10 policy will have renewed 2x, and life insurance premiums will increase as you get older.

The biggest drawback for term insurance is that it will eventually expire and with most plans, you get none of your premiums back.

However, this is not a waste of money as most permanent life insurance salespeople will argue. Even if a policy expires, the life insured had the peace of mind and protection for their family during the coverage period.

Buying the correct term insurance policy will save you tens of thousands over your lifetime. So be sure to get the right expert advice when shopping for it.

What Is Permanent Life Insurance

Permanent Life Insurance Policies are any policies designed to provide coverage for the rest of your life. Typically, this means that the contracts are around until you are 100.105 or, in some cases, even longer than that.

There are three main types of permanent life insurance in Canada, they are:

 

  • Whole Life Insurance Policies
  • Universal Life Insurance Policies
  • Term to 100 Life Insurance Policies

     

Permanent Life Insurance Plans are ideal for coverages that are needed long-term. 

Canadians with the desire to leave an estate or inheritance would typically benefit from permanent insurance policies because of the tax rules designed around life insurance plans.
The special tax provisions could mean leaving more to your loved ones than simply designating them to receive your assets, triggering unwanted tax events.
In general, if the insurance coverage requirement is for an extended period( let’s say 30 years or more), it’s worth considering permanent policies as alternatives. 

What’s better, Term Life Insurance or Permanent Insurance?

Again, This would depend on your personal situation. Anyone who says otherwise is likely letting their own bias lead their recommendation.

There is a camp that believes term life insurance suitable for everyone. While there’s an opposing party, who says term insurance is a scam. They argue that everyone should get permanent life insurance instead.

 

Our concern with this is that both camps try to provide absolutes, and they will argue like it’s their religion instead of digging deeper.

 

The truth is, having a blend of both Term and Permanent Insurance plans will likely provide the best solution for most cases.

 

The secret is finding out how much permanent insurance you need and topping that up with an appropriate term insurance plan, which will match your other financial goals or liabilities.

 

That’s where our experts can come in to help. We want to make sure you only get the plan you need so that you can save on insurance costs without sacrificing the quality of your life insurance plan.

 

Be sure to review your insurance needs and contact us if you have other questions.

 

What Kind of Permanent Life Insurance Is the Best

It depends… We know that doesn’t sound like an answer.

Honestly, it depends on context, meaning your own goals and  financial situation should determine 

 

What we will say is if someone gives you a response before asking further questions, you should probably run away.

 

There is no life insurance plan that will be BEST for every single person, family or business.

We’ve placed policies for married couples where they needed different plan structures.

 

Yes, even though they were married, they needed different solutions.

 

What is a Whole Life Insurance Policy?

A whole life policy is a permanent life insurance policy designed to provide guaranteed coverages with guaranteed premium payments.

As the name suggests, it provides coverage for your whole life.

Whole life policies have cash values or a savings component that enhances the life insurance death benefit.

The insurance company will be in charge of how the cash values grow—often following a more conservative portfolio structure to provide stable long-term returns.

The cash values generate dividends which is used to:

  • Increase Insurance Coverage
  • Buy Term Insurance Within the Policy
  • Generate more “cash-value.”
  • Pay off the policy sooner.

The policyholder can access their cash values in three ways: withdrawals, policy loans or collateral loans.
Because Whole Life Policies are complex, it’s not a good idea to simply look at the prices and shop online.There are various factors that would determine the life insurance premiums, this is why it’s really difficult to get objective opinions from your friends or even online quoters.


It may seem discriminatory, however, life insurance companies are risking thousands or millions of dollars when they insure people. The riskier the application the higher the premiums charged. 


Life Insurance premiums are determined based on life expectancy and factors that improve that or make things worse, here are some of them:


  • Age- Younger individuals will pay less for their life insurance.

  • Gender- Men have a shorter average life expectancy than ladies so, we pay more.

  • Smoking- Smoking is linked to numerous diseases proven to shorten life expectancy, so smokers pay more than non-smokers do.

  • Family History- There are hereditary conditions that you may have received from your family line, this could increase premiums.

  • Your Personal Health History- Certain health conditions can result in ratings or premium surcharges while having a healthy lifestyle can also lead to a preferred rating which discounts your premiums.

  • Dangerous Hobbies- This may lead to increased premiums or specific exclusions.

  • Dangerous Occupation- This may lead to increased premiums or restrictions on who you can get life insurance coverage from.

What is a Universal Life Insurance Policy

Universal life policies are permanent life insurance plans designed to provide more flexibility than whole life insurance contracts. 

Universal Life Policies are also known as “unbundled” insurance contracts” because the cost of insurance is clearly separated from the cash value or “investing” component.

This separation means the policyholder has the power to control how cash values will be invested inside the insurance contract.

This makes universal life a policy of choice for those who aim to get permanent insurance with minimal costs while taking control of the investment returns..

Because Universal Life Policies are complex, it’s not a good idea to simply look at the prices and shop online.

 

 

What if I get Term Life Insurance today and change my mind later?

With the right insurance plan, you can use a conversion option. We call this a trade-in clause because you can “trade-in” your term life insurance plan to a more robust permanent life insurance plan without having to provide proof of insurability. 

Using the convertibility clause allows term insurance policyholders to access permanent or lifetime coverages; without an applicator medical questionnaires.

The conversion provision is an important consideration. Even if clients believe that they will only ever need term insurance, having the choice to “trade” it with a universal life insurance policy or a whole life insurance policy is  

 

 

What if I have been declined Life Insurance coverage previously? Can I still qualify today?

We’ve helped countless clients get life insurance immediately after being declined simply by applying with a different carrier.

Life insurance companies follow similar structures and look at identical approval criteria. However, there are still enough differences between them that you may be approved by one company and declined by another.

This is when a team of insurance experts with access to different carriers comes in handy. We know which carriers have expertise and experience in certain health conditions, hobbies and occupations.

The answer would also depend on why the previous life insurance application was declined. 

The most common reason for a decline is a lack of information. It could be that there was not enough information provided by you or your life insurance agent and when in doubt, it’s easy for insurance companies to say no.

There are also guaranteed acceptance policies that will provide life insurance coverage up to $25,000 to $50,000 with less than 5 questions. BUT THESE ARE EXPENSIVE. So we use these plans only when absolutely necessary.

The best step is to request a private consultation here so we can go through your past attempts and see what we can do to get you and your family the life insurance plan they deserve.

 

 

How do I save money on life insurance?

I would start by identifying the right amount of life insurance you need and understand the bare minimums vs what’s nice to have.

If the budget is tight and coverage is necessary, I would lean towards a properly structured term life insurance plan because it can always be converted into a lifetime or permanent policy. This is because term insurance is significantly cheaper to start than a permanent policy with the same coverage amount.

However, that is not true long term. The cumulative cost of owning a term 10 life insurance policy for the rest of your life is likely going to be higher than if you purchased the right permanent life insurance plan when you were younger.

That leads us to another tip. Starting an insurance plan when you are younger will save you thousands throughout your life.

Figure out if now is the right time for you to explore your life insurance solutions by considering other financial goals.

 

 

What is a life insurance beneficiary?


A life insurance beneficiary is anyone you name to receive the benefit from your life insurance coverage in the event that you pass away.

Most people name their loved ones, kids, spouses grandchildren or some other relative. However, charities and corporations can actually be named as beneficiaries.

This is important for individuals who have charitable aspirations and want to leave a substantial contribution to their cause, whether it’s their church, cancer research or community sports. A life insurance plan can be designated to a charity of choice and provide tax relief for the donor.

This also matters for businesses who need to insure key employees or business partners because the business will suffer upon their deaths.

Naming the proper beneficiary can also protect your estate from creditors if you happen to pass while there are liabilities owed.

The most important benefit of proper beneficiary designation is the liquidity upon the claim. Unlike assets named in a will, life insurance proceeds do not typically go through probate, the legal verification process is done to confirm your will. This means the beneficiaries will have their benefits within days or weeks. Not months or years.

What is the difference between a revocable and an irrevocable beneficiary?

A revocable beneficiary is a named beneficiary that can be changed at any time. The policy owner simply requests the change with the life insurance company, without having to notify the beneficiary. This gives the owners the most control.

An irrevocable beneficiary is a named beneficiary that must provide consent before being replaced or modified. This means if you designate someone as an irrevocable beneficiary, they must give you permission to replace them or modify their share of the death benefit. EVEN IF YOU OWN THE POLICY.

Just with everything else, context matters. 

Some jurisdictions will require irrevocable beneficiary designations to make sure life insurance proceeds are creditor protected, in others, revocable designations can provide the same protection.

This may also be a good idea with life insurance policies designed for businesses and partnerships, where the changes in beneficiaries must be monitored and controlled by the business instead of a single partner.

 

Are life insurance benefits tax-free?

Yes, regardless of how large life insurance proceeds are, they are normally tax-free. Check out this list of items the CRA deems non-taxable.

This means with the proper plan, your family, your spouse, your children or your charity of choice can receive life insurance proceeds without having to worry about any tax liabilities or tax payments.

However, the article does say, “normally”. That’s because improper life insurance structures can lead to a taxable death benefit. A common reason for this is using corporate or business entities to pay for life insurance plans designed to provide personal coverages and benefits.

Be sure to speak to one of our insurance pros, before you finalize your beneficiary designations and policy structures.

Can young children be named as life insurance beneficiaries?

Yes, however, we would suggest carefully reviewing your choices before you settle on this decision, specifically if your spouse can be the primary beneficiary.

If you are sure about designating minor children as beneficiaries, you would need to make sure that a trustee is designated. This is a financially responsible adult who you believe has the ability to make the right decisions for your children.

 

It’s important that you name someone who is willing and able to look after your children’s financial affairs.

 

What if my primary beneficiary is no longer around? What if my primary beneficiary pre-deceases me or we are involved in the same event?

With every client, we walk through our “Plan-B” designations, this is formally known as contingent life insurance beneficiaries. This means they have no claim unless the primary beneficiaries are gone.

What if all my beneficiaries are gone?

If you fail to name a contingent beneficiary or there are no living beneficiaries at the time of your passing, the benefits will likely become a part of your estate and be distributed based on your last will and testament or intestacy regulations if you don’t have a valid will at the time.

 

Do I need to do a medical exam to get a life insurance policy?

Because of the pandemic and social distancing rules, most insurance carriers have temporarily increased the life insurance amount to $1,000,000 before requesting any medical exams or lab tests for individuals under 50 years old.

This means no appointments with nurses or needles unless you apply for an amount higher than that.

We suspect this trend will stay. However, with traditional life insurance plans, most industry experts still have a belief that a “fully-underwritten” policy, meaning all the questions were asked up front and all the medical evidence was provided equates to an easier claim for the beneficiaries.

What we are trying to say is that the tests and exams may be uncomfortable, but it’s worthwhile because it will make the claim process more simple for your loved ones. It also means you can get preferred rate discounts if you are healthier than the average joe.

 

What if I don’t want to do a medical exam but I want to get a life insurance policy?

For individuals under 50 applying for less than $1,000,000, a health questionnaire may be enough to get approval.

There are also non-medical policies, however, those are typically more expensive than traditional life insurance policies. This means, if you are healthy, you could be paying a higher premium simply to avoid the medical exam.

The non-medical plans also tend to reduce the options available for conversion, this reduces your ability to turn your life insurance policy into a wealth maximizing tool for your family.

 

What is a Guaranteed Issue or Guaranteed Acceptance Life Insurance Policy?

As the name suggests, acceptance is guaranteed. There are still limitations behind these, most guaranteed issue policies still require that there is no terminal illness diagnosis at the time of application or that the applicant is not admitted to a care facility while on life support.

This is a great alternative for those who have been diagnosed with cancers or other severe illnesses which have greatly reduced their life insurance options.

However, we would consider this as a final option for most clients because there are simply better solutions available if applicants can qualify for them. Therefore, we choose to exhaust those options first.

 

Will my life insurance policy only pay my family if I die? What are Life Insurance Riders?

If that’s all you choose to get covered, yes. But, you can choose to enhance your life insurance plans by adding insurance riders.

Riders are top-up benefits you can choose to have included in your life insurance policy. The most common riders are:

  • Critical Illness RIders, which provides lump-sum benefits in case of a critical illness diagnosis. 
    Some cover 4 conditions while some cover 25+. Be sure to review your plan if you believe you have a critical illness rider.
  • Disability Insurance Riders, which provides a monthly benefit tax-free to replace a portion of your income in the event that you are unable to earn a living due to a disability. Some will only pay based on total disability while some can pay based on a residual or partial disability. There are also plans that will pay only based on accidents, review your policy or ask your insurance advisor if you believe you have this rider.
  • Children’s Life Insurance Riders provide life insurance for your children. Depending on the carrier it might be a separate cost per child, but there are options where all children and future children are insured.
  • Disability Waivers. The insurance company will waive your premiums if you are totally disabled.
  • Guaranteed Insurability Riders. For a fee this rider allows you to purchase additional life insurance coverages in the future without any medical application.
 

Is suicide covered under Life Insurance?

Yes, with most life insurance companies, yes. However, this is subject to a 24-month exclusion or waiting period. This means death resulting from suicide is not covered within the first 2 years of the policy’s effective date.

This is a difficult subject to discuss, however, here is our opinion and thought behind this.

If we look at suicides as caused by mental illness, and someone is healthy physically and mentally at the time of the application, it is only fair that they maintain coverage if they, unfortunately, get ill later.

The 2 year period discourages those who already have the intention at the time of application.

How are life insurance premiums determined?

There are various factors that would determine the life insurance premiums, this is why it’s really difficult to get objective opinions from your friends or even online quoters.

It may seem discriminatory, however, life insurance companies are risking thousands or millions of dollars when they insure people. The riskier the application the higher the premiums charged. 

 

Life Insurance premiums are determined based on life expectancy and factors that improve that or make things worse, here are some of them:

  • Age: Younger individuals will pay less for their life insurance.
  • Gender: Men have a shorter average life expectancy than ladies so, we pay more.
  • Smoking Status: Smoking is linked to numerous diseases proven to shorten life expectancy, so smokers pay more than non-smokers do.
  • Family History: There are hereditary conditions that you may have received from your family line, this could increase premiums.
  • Your Personal Health History: Certain health conditions can result in ratings or premium surcharges while having a healthy lifestyle can also lead to a preferred rating which discounts your premiums.
  • Dangerous Hobbies: This may lead to increased premiums or specific exclusions.
  • Dangerous Occupation: This may lead to increased premiums or restrictions on who you can get life insurance coverage from.