455 Avenue Road, Suite 100, Toronto, Ontario, M4V 2J2

Tel: (416) 966-9675 Fax: (416) 966-9677

Disclosure of Important Information Regarding Our Relationship

First York Insurance Agency Ltd. is a financial services firm licensed to receive commission compensation for placing insurance products on behalf of clients.  Fees are never charged without the prior written agreement of the client.

First York provides ongoing policy services throughout the premium paying period in return for the compensation received at the time of product placement as well as in the form of renewals.  Such services may include ownership and beneficiary changes, address and bank changes, discussion of policy terms and benefits and such matters as taxation, collateral assignment and estate and business uses of the insurance products.  Further, First York will assist in filing claims as necessary and appropriate in the circumstances. Upon request, First York will review a client’s coverage and changing circumstances.

First York is not an expert tax advisor and recommends all tax sensitive matters be referred to appropriate counsel for advice and/or confirmation.

Insurers estimate total market and acquisition costs on products we sell to be in the range of 17-20% of the mortality portion of insurance premiums paid which includes base compensation, incentives, education and training, office overhead allowances, volume production and quality business incentives.  Acquisition costs on the accumulation portion of insurance products generally range from 2%-3%, including asset based (trail fee) compensation. 

First York represents Manulife directly and RBC Life and Industrial Alliance indirectly through PPI Advisory.  In addition, First York has access to the products of Canada Life, Sun Life, Great-West Life, BMO, Empire Life and others through PPI Solutions.  At the current time, we estimate approximately 25% of our business will be placed with Manulife, 50% with Industrial Alliance and the remainder with other companies noted above.

First York is licensed to sell disability and critical illness insurance and will discuss such plans with a client upon request.