Insurance Planning

"A comprehensive insurance strategy is integral to a sound financial plan. Our plans are constructed with insurance efficiency in mind"

- Mitch McLean

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Insurance Planning Canada

What is insurance planning?

Insurance planning is the process of organizing your insurance needs in a manner that provides you with the right amount and type of coverage, while minimizing the costs associated with insurance.

It involves analyzing your financial situation, identifying risks that you may face, and implementing strategies to protect yourself and your assets. The goal of insurance planning is to ensure that you are adequately covered while minimizing your insurance costs.

Optimizing your insurance coverage through insurance planning involves utilizing a comprehensive approach to ensure all elements of your financial plan work together to provide you with the right amount and type of coverage at the most affordable price.

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Mitch McLean

Financial Advisor


Mitch McLean is a seasoned financial advisor based in Ottawa with over 16 years of experience. He provides financial planning and insurance planning services to clients throughout the entire province of Ontario, including Ottawa, Toronto, Mississauga, Brampton, Hamilton, Markham, Vaughan, and Kitchener.

If you're looking to schedule a consultation with Mitch to discuss your personal finance and insurance planning goals, simply reach out to him by using the contact information provided below. You can also connect with him on LinkedIn, Twitter and Facebook!

Canadian Insurance Planning

Why is insurance planning important?

Protection against Risks

Insurance planning is important because it helps to protect you against risks that you may face. For example, through insurance planning, an individual may identify risks, such as disability or long-term care needs, and ensure that they have the appropriate coverage to protect themselves and their assets.


Improved Financial Planning

Insurance planning is a crucial component of overall financial planning. By minimizing insurance costs, individuals and businesses have more financial resources available for other purposes, such as saving for retirement, investing, or paying off debt.


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Working with an Independent Insurance Broker

An independent insurance broker can help you find the best coverage at the most affordable price, as they have access to policies from multiple insurance companies.These are just a few of the strategies available for minimizing insurance costs in Canada.

It is important to note that insurance policies and regulations are complex and constantly changing, so it is recommended to seek the advice of a qualified financial advisor or insurance professional for personalized insurance planning advice.

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Canadian Insurance Planning

Strategies to minimize insurance costs

Insurance is a vital aspect of personal finance, providing financial security to individuals and their loved ones in the face of unexpected events. However, insurance premiums can be costly, making it necessary to minimize insurance costs. Here are some strategies to reduce the cost of different types of insurance:

Life Insurance

Choose the right policy

Term life insurance is usually the most affordable option, as it provides coverage for a set period (e.g., 10, 20, or 30 years) and has a lower premium than permanent life insurance.

Improve your health

Maintaining a healthy lifestyle by exercising regularly, eating a balanced diet, and quitting smoking can help lower your life insurance premiums.

Disability Insurance

Choose a shorter benefit period

Shorter benefit periods usually have lower premiums, but it also means that benefits will be paid out for a shorter period.

Opt for a longer waiting period

Choosing a longer waiting period (the time between when you become disabled and when benefits begin) can result in lower premiums.Shop around: It is essential to compare quotes from different insurance providers to find the most affordable policy.

Critical Illness Insurance:

Consider bundling policies

Purchasing critical illness insurance as part of a comprehensive health insurance policy may result in lower premiums.

Choose a lower coverage amount

A lower coverage amount will result in lower premiums, but it is essential to ensure that it provides adequate coverage.

Improve your health

Living a healthy lifestyle and managing any pre-existing conditions can reduce the risk of developing critical illnesses, resulting in lower premiums.

Long Term Care Insurance:

Start early

Purchasing long-term care insurance at a younger age and when you are in good health can result in lower premiums.

Choose a longer waiting period

A longer waiting period can reduce premiums but should be carefully considered to ensure you can manage the out-of-pocket costs during the waiting period.

Opt for a shared-care policy

A shared-care policy allows you to share benefits with your spouse, resulting in lower premiums. Minimizing insurance costs is essential to ensure financial stability while protecting yourself and your loved ones.

By considering these strategies and consulting with an insurance expert, you can choose the right policy and lower your premiums while maintaining adequate coverage.


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"“It’s not what you make, it's what you keep”

-Mitch McLean

Insurance Planning Ontario

Insurance Planning in Ontario, Mitch’s Take

At Mitch McLean Wealth Creation, we provide insurance planning, insurance management, and insurance preparation services with the objective of identifying opportunities you may be able to take advantage of to avoid any unnecessary costs.

For all of our valued clients we practice insurance planning in 3D. But, what do we mean insurance planning in 3D?

Our 3 D’s of insurance planning are; Determine, Design and Deploy. Let’s explain a little more.


Determining your insurance needs is an important aspect of insurance planning. By analyzing your financial situation and identifying potential risks, we can help you determine the types and amounts of insurance coverage that you need.

This includes identifying risks such as disability, critical illness, and long-term care needs. By understanding your unique needs, we can help you design an insurance plan that fits your individual requirements.


Designing an insurance plan that meets your needs involves selecting the right types of insurance coverage and determining the appropriate amounts of coverage.

This includes considering factors such as your age, health, income, and family situation. Our insurance planning services include a comprehensive analysis of your needs and a review of insurance products to help you choose the right coverage.


Deploying your insurance plan involves putting your insurance coverage into action. This includes completing the necessary applications and paperwork, paying premiums, and ensuring that your coverage is up-to-date.

Our insurance planning services include ongoing monitoring and review of your insurance coverage to ensure that it continues to meet your needs.

Finally, Conversion

Additionally, don't overlook the opportunity to convert insurance policies. By reviewing and adjusting your insurance policies as your needs change, you can ensure that you have the right coverage in place. This can help you avoid unnecessary costs and ensure that you are adequately protected.


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Insurance Planning Services in Ottawa, Toronto and Mississauga.

Mitch McLean is an Ottawa based financial advisor offering insurance planning services across the entire province of Ontario including Ottawa, Toronto , Mississauga , Brampton , Hamilton, Markham, Vaughan and Kitchener.

If you are interested in scheduling a call with Mitch to discuss your financial planning and insurance planning needs then simply contact him below!

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Frequently Asked Questions

What is insurance planning?

Insurance planning is the process of managing your risk by identifying potential risks and selecting the right types and amounts of insurance coverage to protect against those risks.

Are insurance premiums tax deductible in Canada?

Insurance premiums are generally not tax-deductible in Canada, except for specific cases such as medical, disability, critical illness, and long-term care insurance premiums, under certain conditions. It is advisable to consult a tax professional or the CRA for specific guidance.

What types of insurance coverage should I consider?

The types of insurance coverage you should consider depend on your unique needs and circumstances. Some common types of insurance coverage include life insurance, disability insurance, critical illness insurance, and long-term care insurance.

How much insurance coverage do I need?

The amount of insurance coverage you need depends on various factors such as your income, expenses, debts, and family situation. A financial advisor can help you determine the appropriate amount of coverage for your individual needs.

Why is insurance planning important?

Insurance planning is important because it helps you protect your financial wellbeing by managing your risk and ensuring that you have the right types and amounts of insurance coverage in place.

How often should I review my insurance coverage?

It is recommended to review your insurance coverage on an annual basis, or whenever there is a significant change in your circumstances, such as a marriage, divorce, or the birth of a child.

Can I change my insurance coverage if my needs change?

Yes you can change coverage, however if you require additional insurance coverage you may have to complete the underwriting process. To decrease insurance coverage one may not require the underwriting process.