Tompkins Insurance Services designs and implements life insurance strategies for clients with complex estate planning needs.
Who We Are
We are life insurance and estate planning specialists. This is our sole focus.
We serve Canada’s most affluent families and their advisors.
Our firm was founded by Paul Tompkins in 1990. Paul has both a finance and law degree. He practiced tax and corporate law for a brief period in Vancouver before moving to Toronto to establish Tompkins Insurance Services.
He has specialized for more than 25 years in advising and implementing life insurance based solutions for affluent business families across Canada. Paul works closely with the external legal and accounting advisors to these families as well as with their internal family office team. Given his extensive work in this market, he can provide a perspective on business family succession issues that extend beyond the use of life insurance.
B.Comm., LL.B., CLU, TEP, FEA
Paul has specialized for more than 25 years in advising and implementing life insurance based solutions for affluent business families across Canada. He works closely with the external legal and accounting advisors to these families as well as with their internal family office team. Given his extensive work in this market, Paul can provide a perspective on business family succession issues that extend beyond the use of life insurance.
Paul received his Bachelor of Commerce from the University of British Columbia and his Bachelor of Law from Queen's University. He practiced tax and corporate law in Vancouver in the mid-‘80s before moving to Toronto to start Tompkins Insurance Services in 1990.
Paul and his team have since become recognized by leading accounting and legal firms across Canada as experts in the use of life insurance in trust and estate planning. Paul delivers information seminars to these firms on the use of life insurance on an ongoing basis.
He is a long standing member and former chairman of the Conference for Advanced Life Underwriters (CALU), and a member of the Society of Trust and Estate Practitioners (STEP). Paul is also a graduate of the Family Enterprise Advisor Program at UBC’s Sauder School.
Paul is a member of the Board of Governors of Crescent School, an independent school for boys, and co-chaired their successful $35 million capital campaign. He is also a co-chair of the $60 million campaign for Pathways to Education, a national organization that helps at-risk youth graduate from high school.
He lives in Toronto with his wife and four children.
B.Admin., FLMI, CFP, CHS
Marcel is responsible for daily operations at Tompkins Insurance Services. He oversees all administrative functions associated with product and policy design, underwriting and client support. Marcel collaborates with the support team to ensure the best client experience. He has 24 years of experience in the life insurance industry, including over 18 years with Tompkins Insurance Services.
Marcel has been a member of the Institute for Advanced Financial Advisors for over 10 years. Since 2008, he has held the CFP designation.
Marcel enjoys running, cycling and coaching soccer. He lives in Whitby with his wife and two children.
Advanced Solutions Specialist
Joshua’s primary focus is in the product design and illustrative process of our strategies. Joshua’s expertise in financial modeling helps ensure an optimal client experience throughout the development of customized insurance-based solutions. Prior to joining Tompkins Insurance Services in 2017, Josh spent over 6 years at a major Canadian life insurance company working in the design and pricing of insurance products and leading their advanced solutions team develop insurance-based concepts and strategies.
Joshua is actively pursuing membership with the Society of Actuaries and the Institute for Advanced Financial Advisors through the completion of the ASA and CLU designations.
Underwriting Support Specialist
Erin is our primary liaison with insurance companies throughout the underwriting and implementation stage. Her responsibility is to ensure a smooth process from the application phase to the time a policy is issued. As a member of our inforce support team, Erin also provides administrative support to our clients. Erin has been with Tompkins Insurance Services for almost 8 years.
Inforce Support Specialist
Ruth provides administrative policy service to our clients and coordinates various reporting tailored to their specific needs. Her conscientious approach and attention to detail are key aspects in her role of maintaining client relationships. Although Ruth joined the Tompkins Insurance Services team in 2016, she has 9 years’ experience in the life insurance industry.
What We Do
Tompkins Insurance Services serves Canada’s most accomplished business families in protecting and transitioning their wealth, while also managing their estates in a tax-efficient way. We’ve been solely focused on this since 1990.
Estate planning is a process undertaken during life to determine what happens to the person’s estate when they die – specifically, how their wealth is transferred to their family while paying minimum tax. Effective estate planning uses tax strategies – along with wills and trusts – in an effort to minimize tax liabilities at death and achieve the family’s desired distribution of wealth and property in an efficient way.
A properly structured life insurance plan – permanent policies such as whole life and universal life – provides the funding to the estate or holding company for various needs: meeting estate tax liabilities, funding obligations, providing funds for loss of income, enhancing the inter-generational transfer of wealth, and others. Life insurance provides a less costly and more tax-efficient option for meeting these needs than other strategies.
If the intention is to transfer an investment holding company or family business to the next generation, there will likely be a significant capital gains tax due at the death of the owner. The options to pay this tax liability are to either use cash, sell assets, borrow – or use life insurance, which is typically the least costly option. Insurance is a tax-efficient pre-funding method to meet a known future tax liability at the exact time the funds are required.
Our sole focus is life insurance and estate planning for affluent families. Over the years, we’ve compiled this expertise into an online easy-to-understand library of sorts – a reliable go-to resource for families and advisors to access at any time.
To learn more about estate planning and life insurance visit Insurance & Estate Planning Fundamentals.