Lucy Lukic is the President of AGFI (Anchor Group Financial Inc.) in Hamilton, Ontario, and an insurance advisor with 25 years of experience. Throughout her career, she has held senior leadership positions at prominent firms, including CIBC Financial Planning, Burgeonvest Bick Securities, Burgeonvest Insurance Corp, yourCFO Advisory Group, and Hub Financial. Known for her client-first mindset, Lucy is passionate about demystifying insurance and helping Canadians secure their long-term financial futures.
Beyond her professional accomplishments, Lucy is a dedicated philanthropist who actively supports animal rescue efforts, child welfare initiatives, and charities combating human trafficking.
Q: The Canadian insurance market is currently leaning toward living benefits instead of traditional death-benefit policies. How are you seeing this trend happen in your work?
Lucy Lukic: We are seeing a big change and what Canadians expect from their insurance. For a while, Insurance was seen primarily as a safety net for loved ones after passing away. Now, younger professionals and families want living benefits like critical illness and disability coverage because these policies help people protect their finances while they are alive. They desire to have the financial liquidity to pay their mortgage, cover child care, or access alternative treatments if a health problem happens.
Q: Recent industry data says that a lot of Canadians worry about things like cancer and heart attacks, but less than 10% have critical illness coverage. Why do you think that is?
Lucy Lukic: There’s a really big knowledge gap. A lot of Canadians fully believe that their workplace benefits or public healthcare will cover everything if they get sick. In reality, workplace benefits lack the flexibility needed to cover out-of-pocket medical costs, lifestyle changes, or lost income for a spouse who needs to take a leave from work. People also fall for the myth that critical illness payouts can only be used for direct medical costs, when in fact, the lump-sum benefit is completely tax-free and can be used however the policyholder sees fit.
Q: More insurance companies are introducing modular, lifestyle-linked products to attract the younger demographic. What does this mean for the everyday client?
Lucy Lukic: It means that coverage is becoming more customizable. In the past, critical illness policies were rigid, all-or-nothing packages. Now, insurers are letting clients pick specific conditions, add riders for early diagnosis, and even build in wellness benefits that encourage preventative health. For the under-40 generation, who value flexibility above all, this means they don’t have to overpay for bulky packages when they only need personalized coverage for their specific life stage.”
Q: How does this focus on living benefits address the increased cost of living and medical expenses in Canada?
Lucy Lukic: At a time like this, financial fragility is at an all-time high. While a diagnosis may impact a person’s physical health, it also affects household cash flow. If a client has a critical illness policy with a tax-free payout, they are essentially buying time to focus on recovery without feeling forced to use their retirement savings or accumulating high-interest debt.
Q: For someone reviewing their insurance plan this year, what actions should they take to leverage these new trends in living benefits?
Lucy Lukic: Don’t rely on assumptions. Start by reviewing your current coverage with an advisor to find any blind spots between your work benefits and individual needs. It’s also good to ask about modular critical illness riders that offer early-stage payouts. When you tailor a plan to match your lifestyle, you guarantee that if the unexpected happens, you protect both your health and your financial future.
