Frequently Asked Questions
YOUR QUESTION
Frequently Asked Questions
What does WealthPillar specialise in?
Our main focus is corporate insurance planning for business owners — key person coverage, buy-sell planning, corporate-owned life insurance, and business debt protection. We also help families with personal life insurance, children's future planning, critical illness coverage, and disability protection.
Why do business owners need their own insurance planning?
Business owners have liabilities that employees do not — commercial loans, shareholder agreements, overhead costs, and succession needs. Corporate insurance planning creates liquidity to keep the business running if an owner or key executive passes away or becomes seriously ill.
Can a corporation own a life insurance policy?
Yes. A corporation can own a life insurance policy for business continuity, estate planning, or liquidity purposes. The structure must be set up carefully with your accountant and lawyer, as there are tax and legal considerations involved.
Do you offer kids retirement plans?
We use the term Children's Future Planning. We help families explore RESP education savings and child life insurance options. Future values, government grants, and outcomes depend on specific product rules and eligibility — nothing is guaranteed.
Do you give tax or legal advice?
No. WealthPillar provides insurance planning only. Your accountant handles tax strategy and your lawyer handles legal matters. We work alongside your existing advisors.
What is the difference between term and permanent life insurance?
Term insurance covers you for a set number of years — lower cost, good for mortgages and income-building years. Permanent insurance covers you for life and may include additional features like a cash value component. The right choice depends on your goals and budget.
How do I know how much coverage I need?
Coverage needs vary based on your income, debts, family, and business structure. We do a full needs review before recommending anything. There is no standard answer.