Get Insurance for Children Anywhere in Ontario

A tax sheltered investment vehicle which provides guaranteed future insurability.

No Medical Insurance Quotes, No Medical Life Insurance Quotes

Get Insurance for Children Anywhere in Ontario

A tax sheltered investment vehicle which provides guaranteed future insurability.

No Medical Life Insurance Quotes, No Medical Insurance Quotes

Why should I get life insurance for my children?

The idea of purchasing a life insurance policy on children is an idea that many parents do not consider. However, there are several reasons why parents or even grandparents may want to place an insurance policy on their child/grandchild.

Purchasing a life insurance policy today guarantees your child will be able to have lifelong coverage in the future without future medical underwriting.

Many policies also provide riders (or benefits) that allow additional insurance to be purchase in the future. This allows the face amount to be increased in the future without concern of having to qualify medically in the future.

As with most insurance policies, the earlier a policy is purchased generally the more cost-effective the policy. By purchasing a policy at such an early age, it could potentially save thousands in future premiums.

Possibly the most enticing reason to purchase a policy is to provide an alternate tax-sheltered investment vehicle. Participating whole life policies with annual dividends or universal life policies are asset classes on their own which can not only allow growth but provide life-long insurance coverage in addition. Most limited (or quick) pay whole life policies have guaranteed cash value which exceed premiums paid, while universal life policies could provide opportunity for significant tax-sheltered growth in a wide range of investment options.

Protect Your Wealth provides No Medical Life Insurance coverage options

Insurance coverage for your children is as easy as these 3 steps!

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3

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Do you want to provide a legacy gift or wealth transfer for your children?

Children’s policies are often quite popular as a way for grand-parents to leave a gift for their grand-children. This allows grand-parents to transfer their wealth in a tax-efficient manner and provides the grand-children with an opportunity to use funds in the future for such things as post-secondary education or buying a home. Note, ownership of policy remains with parent or grandparent of policy, until such time they decide to transfer ownership (if they so desire). There is one caveat to purchasing a child life insurance policy, namely if the primary purpose is to save for a child’s education.

Given in Canada, the government encourages parents to save for their children’s education by providing a 20% education grant through an RESP (Registered Education Savings Plan), for most parents it would likely make sense to maximize the “free” money the government provides first. The government will match 20% on the first $2500/annually up to a maximum of $7200 in grants. We would be happy to provide further analysis of your family’s specific circumstances. Contact Protect Your Wealth today to learn more! We proudly service clients in Ancaster, Burlington, Dundas, Hamilton, Oakville, Waterdown, and the surrounding areas.

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