Business Owners Insurance

Partnership Insurance, Buy Sell Insurance, or Key Person Insurance all refer to needs of a business. It could be covering off the buy-out of a business partner, a line of credit, the bills you must pay, your mortgage or maybe it’s to make sure that the family members who aren’t involved in the business are looked after. If you own a business, you likely have a need for one or more of these policies.

Critical Illness Insurance
Critical Illness Insurance has quickly become one of the most popular types of living benefits policies available. It pays a lump sum to the insured in the event of a covered serious illness. It can be purchased with a return of premium option. It is typically used to replace income in the short term and give you the means to accommodate care or a course of treatment wherever you may choose – how you allocate the funds is up to you.
Disability Insurance
Disability Insurance pays some or all of a worker's income if that worker becomes disabled and is unable to work at his or her job. According to Statistics Canada, at least one out of every three Canadians will become disabled for longer than 90 days at some point during their working career. This disability can come from accidents or injuries on the job, as well as from other debilitating illnesses such as cancer or a heart attack. Disability Insurance can reimburse disabled workers for some of the income they lose while recovering from illnesses and injuries.
Group Health Benefits
Also known as Group Insurance or Employee Benefits. Employers can sponsor various health benefits which are “grouped” together to improve pricing and eligibility. Group health plans can be offered as traditional insured programs, self-insured programs and/or Health Spending Accounts. 
Long Term Care Insurance

Long Term Care Insurance helps cover costs associated with care requirements whether those services are administered in a facility or in a home care setting. Often these services are not completely covered by provincial health care programs in which case Long Term Care insurance can help to offset the short fall.

Long Term Care insurance may be right for you if:

  • You are interested in staying in your own home for as long as possible if health changes make ongoing care assistance necessary
  • You are concerned your savings might not last for your lifetime should you need to cover the costs of additional care as you age
  • You want the financial freedom to choose the type and level of care that’s right for you if you suffer a debilitating illness or accident, or should you need substantial care as you age
  • You simply want to protect your wealth from eroding due to the cost of care
Mortgage Insurance

Life insurance purchased for the use of mortgage protection is a better bet for new homeowners than traditional mortgage insurance, where the bank is the beneficiary. With the typical bank mortgage insurance, you pay a set premium, however since the volume of your mortgage is continually being reduced, your payout is less than the original purchase. Whereas with a life policy, the benefit level remains constant with every payment and the bank is not designated as your beneficiary.

Comparison of Mortgage Insurance versus Personal Life Insurance

Common Questions

Bank Mortgage Insurance

Personal Life Insurance

Am I the owner of the Policy?

NO - the bank has total control of your coverage

YES - you own the policy and are the only one who can make the changes or cancel the coverage

Can I choose the beneficiary?

NO - the bank is the beneficiary

YES - you can choose the beneficiary

Is the coverage portable?

NO - if you move your mortgage to another institution, you will have to reapply for mortgage insurance, usually at a higher cost

YES - no matter where you have your mortgage, your coverage will stay with you, without reapplying or incurring any additional cost

Can I continue the coverage after the mortgage is paid?

NO - there is no option to continue coverage once the mortgage has been paid

YES - you may continue all or a portion of your coverage once your mortgage has been paid


Permanent Insurance
Permanent insurance is insurance that is in place forever. Options include Term to 100, Whole Life or Universal Life. This type of insurance is sold as an individual policy or as a joint first to die / last to die depending on the purpose of the coverage. This type of policy is most popular for Estate Planning, Estate Equalization, Charitable Giving or Business purposes. 
Term Insurance

Term Insurance is an affordable way to ensure that those you care about are protected in the event of your death. It is ideal for situations where large amounts of insurance are required when the budget is limited.

Whether you are newly married, just had a child, are looking to cover a business partner, mortgage, or funding a buy sell/partnership agreement, this product can protect you and your loved ones.


Let's Connect

1-800-265-6197 or
PIB Wealth Management | Commercial Business Insurance | Group Retirement Services
Life & Living Benefits | Health & Dental Benefits |  Home & Auto
We're always here for you!