Ensuring a secure life for your child since birth
Buying life insurance is common amongst adults planning the financial security of their family. However, investing in a children's insurance plan will not only secure your child's medical needs but also support their life's other financial requirements like education, buying a home, etc.
What is Life Insurance for Children in Canada?
Life Insurance for Children is a children savings plan in the form of early insurance that can secure their lives and benefit their future in many ways. Saving for your child’s education with an RESP is different from investing in their insurance plan at such an early age of their childhood.
The children's plan for insurance can be purchased by either parents or grandparents for their children and grandchildren; who wish to pre-pay for their child’s insurance, securing them a confirmed qualification for an insurance coverage, regardless of any life circumstances or medical conditions that may arise in the future.
As gloomy as it may sound, to buy life insurance for your children while they are still crawling, and learning, and playing in the garden; there are many benefits and practical reasoning to why many Canadians have considered investing in an insurance plan for their children.
Benefits of Having a Life Insurance Plan for Children
- Like any other life insurance, life insurance for children is also for the unfortunate times of their untimely loss, which gives you enough time to grieve and cover the reparation expenses.
Keeping aside the thought of losing your child, there are many other reasons and benefits of investing in the children’s plan for insurance in Canada.
- Life insurance for children will act as additional savings and investment tool for your child’s future.
- Your child will have lifelong insurance coverage. This saves them with a life insurance policy even if they are diagnosed with a health condition or some critical illness that may not qualify them in the medical examination to purchase a life insurance in the future.
- Most life insurance policies for children offer lower and affordable premiums for life because of your child’s age and relatively good health.
- Any dividend earned on the insurance policy can be reinvested to grow the overall coverage. This accumulated dividend on your investment will grow tax-free if reinvested.
- The accumulated cash on your child’s insurance plan can be accessed at any time, over and above the cost of your policy, to meet your child's education expenses, buying a house, or any other expenses.
- Your child can choose to continue within the same insurance plan even after they grow up.
Like the life insurance plans for adults, the life insurance for children’s plan in Canada has many options to offer based on your budget and other existing investments. At MILIFE we understand the sentiments attached with the financial investment in your child’s future. Get in touch with us to analyze the best-suited plan for your child that can give them lifelong coverage at the best possible growth rate.
MILIFE Children Plan – Savings & Protection that grows with your child
MILIFE Children Plan is the only savings plan in Canada which provides your child a head start for any future financial need in life like education, marriage, down payment on a house or retirement income. This plan provides you with the best use of Canada Child Benefit (CCB) for your children's future.
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.