Questions worth asking before you buy.

Use Ontario's public Licensing Link and search the agent's name or licence number. Selvin Mathew's Ontario licence is #23219192. The corporate agency licence for George Mathew & Associates Lifestyle and Retirement Planning Inc. is 32653M. A licence confirms authorization to conduct the class of insurance business shown; it is still sensible to ask about experience, insurer relationships, and the reasons behind a recommendation.

Sources: FSRA Licensing Link and FSRA consumer guidance.

Ontario agents are expected to identify the insurers and financial-product providers they represent and disclose conflicts of interest in writing. Our disclosure also explains how we are compensated. Read it before signing an application and ask about anything that could influence the recommendation.

Source: FSRA: working with a life and health insurance agent or company.

Term insurance covers a defined period and is generally less expensive at the beginning. It is often used for temporary obligations such as a mortgage or the years when children depend on your income. Permanent insurance is designed to remain in force for life if the required premiums are paid and may include cash values. The right structure depends on the need, time horizon, affordability, and policy terms — not on which product sounds more sophisticated.

Source: Financial Consumer Agency of Canada: life insurance.

There is no universal multiple of income. A useful needs analysis looks at debts, income the household would need to replace, childcare and education, final and estate costs, existing savings, workplace coverage, and how long each obligation lasts. A calculator can expose a gap, but the final amount should reflect your budget and the risks you actually want to transfer.

Sources: Financial Consumer Agency of Canada: uses of life insurance and our coverage-gap calculator.

Mortgage life insurance normally pays the lender and its benefit usually falls as the mortgage balance declines. With an individual term or permanent policy, you choose the coverage amount and name the beneficiary, who may use the benefit according to the family's priorities. Price is only one comparison point; ownership, portability, underwriting, beneficiary control, and what happens as the mortgage shrinks also matter.

Source: Financial Consumer Agency of Canada: optional mortgage insurance products.

The policy owner names one or more beneficiaries, subject to the policy and applicable law. The federal government describes a life insurance death benefit as generally paid as a one-time tax-free amount, and CRA says most amounts received after an insured person's death are not reported or taxed. Naming the estate is different: the money becomes part of the estate and may be exposed to estate administration, creditors, and the instructions in the will. Beneficiary decisions involving minors, trusts, corporations, or blended families should be coordinated with a lawyer and accountant.

Sources: Financial Consumer Agency of Canada: beneficiaries and Canada Revenue Agency: amounts generally not taxed.

It depends on the insurer, product, age, health history, and amount requested. Underwriting may involve health questions, medical records, tests, or no examination at all. Simplified products can be useful, but may carry different limits, exclusions, or pricing. Answer every application question completely and accurately; the insurer decides whether coverage is offered and on what terms.

Source: Financial Consumer Agency of Canada: getting an insurance policy.

Critical illness insurance generally pays a lump sum after a diagnosis that meets the policy's definition and conditions. Disability insurance is designed to replace part of your income when illness or injury prevents you from working, subject to its waiting period, benefit period, and definition of disability. Neither label tells the whole story: covered conditions, exclusions, offsets, and claim definitions must be read in the actual contract.

Sources: Financial Consumer Agency of Canada: critical illness insurance and disability insurance.

No. Insurance can supply money and direct a benefit, but it does not appoint an estate trustee, distribute other property, create powers of attorney, or resolve every family and tax issue. FSRA advises policyholders to tell their lawyer about their life insurance so beneficiary designations and legal documents can work together.

Source: FSRA: life and health insurance consumer guidance.

Probate is the court process for issuing an estate certificate that confirms authority to administer an estate. Ontario charges Estate Administration Tax when a certificate is applied for and issued. For applications made under the current rules, the first $50,000 of estate value is taxed at zero and value above that is charged at $15 per $1,000 or part of $1,000. Whether an asset forms part of the estate depends on ownership, beneficiary designations, and legal documents, so the calculator is an estimate rather than a legal opinion.

Sources: Ontario: Estate Administration Tax and our probate-cost calculator.

A segregated fund is an investment held through an individual variable insurance contract. Contracts may include maturity or death-benefit guarantees, but the percentage, reset features, holding period, fees, and investment risk vary. Guarantees do not make the underlying investments risk-free, and withdrawals can reduce them. Compare total costs, performance, contract terms, and alternatives before deciding whether the insurance features are worth their price.

Sources: FSRA: information for segregated-fund consumers and CLHIA consumer guides.

Contact Selvin Mathew, Complaints Officer. Use the contact form and choose “Complaint or privacy concern,” or call (416) 347-5213. Do not place health, identity, account or payment information in the public form.

We will acknowledge the complaint within five business days, review the relevant records, give you a fair opportunity to explain the concern, and provide a written response explaining the outcome and available escalation options. Keep copies of the policy, application, correspondence and response.

If the matter involves an insurer, you may also use that insurer’s complaint process. An unresolved life or health insurance complaint may be eligible for review by the OmbudService for Life & Health Insurance (OLHI). Regulatory concerns may be submitted to FSRA. Using this process does not prevent you from obtaining legal advice or exercising other rights.

Sources: Financial Consumer Agency of Canada: insurance complaints, OLHI complaint process, and FSRA complaint process.