MILIFE Children Plan is a unique combination of Registered Education Savings Plan (Resp) and Participating Whole Life Insurance to maximize your savings when you need money for the education or marriage of your child but also provides your child with life insurance for future protection. The best part about the plan is that both savings & insurance grow with your child.
The funds can be used for:
- Any education plan around the world
- Any expenses required during the marriage
- Any financial need in this lifetime or offer to their family
How MILIFE Children Plan grows like your child grows.
MILIFE Children Plan includes Registered Education Savings Plan which doubles an education funds.
MILIFE Children Plan includes Participating Whole Life Insurance which provides cash values and insurance that grows in value throughout your child’s life and for their future generations.
MILIFE Children Plan can be given or transferred to your child for tax free anytime after they turn age 18.
Features and Benefits of MILIFE Children Plan
- Plan is a unique and optimum combination of Registered Education Savings Plan.
- Plan and Whole Life Participating Plan.
- Plan can be opened by Parents, Grandparents.
- You can transfer the plan tax free to your child/grandchild any time after they turn 18.
- Cash Values can be used for any Education programme around the world.
- Plan is only payable for 20 years. No further deposits will ever be required.
- You or your child can use cash value for any financial need in life.
- Your child will be permanently covered for life insurance.
Sample illustration of MCP Cash and Insurance Values
|Age||Accumulated Cash Value||Stages||Life Insurance Value|
*Based on a Monthly Deposit of $275 per month
Sample Illustration is based on $275 per month deposit for 20 years only and assuming plan starts when the child is less than 1 year old. Values and age 31, 45, 65 and 85 are illustrated assuming 72% of the funds at age 18 are used for education purpose. Cash and Insurance valued are based on current dividends scale from a Canadian life insurance Company and current rate of interest from Canadian RESP Plan Distributor. This example is strictly for illustration purpose only and values may differ.