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Universal life insurance is a type of permanent life insurance that combines life insurance coverage with an investment component. Depending on the policy, you may have flexibility in how you pay premiums and choose investments. Costs, risks and policy features vary, so it is important to understand how a policy works before deciding whether it is right for you.

Whole life insurance is a type of permanent life insurance designed to provide coverage for your lifetime, as long as the policy remains in force. It may also build cash value over time. The benefits, premiums and cash value depend on the policy you choose.

Both are forms of permanent life insurance. Whole life insurance generally has a more structured premium and cash value arrangement. Universal life insurance combines coverage with an investment component and may offer more flexibility. The right choice depends on your goals, budget and comfort with the features and risks of each policy.

The amount depends on what you want your coverage to accomplish. You may be thinking about protecting your family, covering final expenses, leaving a legacy or addressing other financial obligations. A review of your circumstances can help you decide how much coverage to consider.

Critical illness insurance generally pays a lump sum if you are diagnosed with a condition covered by your policy and meet its requirements. The money can help with expenses while you focus on recovery. Covered conditions, exclusions and waiting periods vary between policies.

Depending on the policy, critical illness insurance may cover conditions such as cancer, heart attack or stroke. Each policy has its own definitions and exclusions, so it is important to review exactly what is covered before applying.

Disability insurance is designed to replace a portion of your income if an illness or injury prevents you from working and you meet the terms of your policy. Coverage can vary in how disability is defined, how long you wait for benefits and how long benefits are paid.

Yes, disability insurance may be available to self-employed people in Ontario. It can be useful to consider if you rely on your income to support your household or business. Eligibility, premiums and benefit amounts depend on the insurer and your circumstances.

Individual health benefits are plans you purchase personally rather than receive through an employer. Depending on the plan, they may help pay for expenses such as prescription drugs, dental care, vision care and other health services. Coverage, exclusions and limits vary by plan.

Individual health and dental plans may be available if you are self-employed, retired or do not have coverage through work. The right plan depends on your health needs, budget and any existing benefits. Eligibility and coverage vary by provider.

Ontario residents can choose from a range of investment options depending on their goals, time frame and comfort with risk. Some products are held inside registered accounts, while others are held outside them. The options available through a financial professional depend on their licences, registrations and provider arrangements.

An annuity is a contract, generally offered by an insurance company, that can provide a series of income payments in exchange for a lump sum. Depending on the contract, payments may last for a set period or for life. Annuities have different features, costs and restrictions, so it is important to compare the terms carefully.

Segregated funds are investment funds offered through an insurance contract. Their value can rise or fall with the investments they hold. They may include certain guarantees that apply at maturity or death, subject to the contract terms. Fees, guarantees and investment choices vary by product.

Both can give you access to professionally managed investments, but they are structured differently. Segregated funds are offered through insurance contracts and may include maturity and death benefit guarantees. Mutual funds do not generally offer those insurance guarantees. Both involve investment risk, and their fees and features can differ.

An RRSP is a registered account designed to help Canadians save for retirement. Eligible contributions are generally tax deductible within your available contribution room, and investment growth is generally tax deferred while it remains in the plan. Withdrawals are generally taxable.

An RRSP generally provides a tax deduction for eligible contributions, while withdrawals are usually taxable. A Tax-Free Savings Account, or TFSA, does not provide a deduction for contributions, but investment growth and withdrawals are generally tax-free. Both have contribution limits and rules to consider.

A TFSA is a registered account that can hold eligible savings and investments. Contributions are not tax deductible, but growth and withdrawals are generally tax-free. Your available contribution room depends on your personal circumstances and contribution history.

A First Home Savings Account is a registered account designed to help eligible first-time homebuyers save for a qualifying home. Contributions are generally tax deductible, and qualifying withdrawals are generally tax-free. Eligibility, contribution limits and withdrawal rules apply.

An RESP is a registered savings plan designed to help save for a child's post-secondary education. Investments can grow tax deferred within the plan, and eligible beneficiaries may qualify for government education savings grants. Rules apply to contributions and withdrawals.

An RDSP is a registered savings plan intended to support the long-term financial security of a person who is eligible for the Disability Tax Credit. Depending on eligibility and other requirements, government grants or bonds may also be available. Contributions, withdrawals and government assistance are subject to specific rules.

A LIRA is a registered account that can hold money transferred from a pension plan when the applicable rules allow. The funds are generally locked in for retirement income, although limited exceptions may apply. The rules depend on the pension legislation governing the account.

Depending on your pension plan, age and the applicable rules, you may have the option to transfer the value of your pension to a LIRA or another eligible arrangement. The decision can affect your future retirement income, investment responsibilities and available benefits. Review your plan documents and options carefully before making a transfer.

A good place to start is to consider when you hope to retire, the income you may need and the savings and pension benefits you expect to have. Reviewing your RRSPs, TFSAs, workplace pensions and other assets can help you identify your options and any gaps.

Registered accounts such as RRSPs, TFSAs, RESPs and FHSAs can offer different tax advantages when used within their rules. The best choice depends on your goals, eligibility and financial situation. A qualified tax professional can help you understand how the rules apply to you.

It depends on factors such as the interest rate on your debt, your emergency savings, your retirement goals and your available cash flow. Some people benefit from focusing on higher-interest debt first, while others may choose to work towards both goals. Looking at your full financial picture can help you decide on your next step.