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 child’s insurance plan will not only secure your child's old age medical needs but also support their life's other financial requirements such as education, buying a home, etc.
What is Life Insurance for Children?
Life Insurance for Children is a savings plan in the form of early insurance that can secure a child’s life and benefit their future in many ways. Saving for your child’s education with RESP is different from investing in their insurance plan during 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 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, learning, and playing; there are numerous benefits and practical reasons to why many Canadians have considered investing in an insurance plan for their children.
Benefits of Having a Life Insurance Plan for Children
- 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.
- Life insurance for children will act as an additional savings and investment tool for your child’s secure future.
- Your child will have lifelong insurance coverage even if they get diagnosed with a health condition or some critical illness in future that may not qualify them for having life insurance.
- You can buy life insurance policies for children at lower and affordable premiums for life because of their young age and relatively good health.
- The accumulated cash on your child’s insurance plan can be accessed at any time and used for any purpose, over and above the cost of your policy, example:- child's higher education, buying a house, or any other expenses.
- Your child can choose to continue within the same insurance plan even after reaching the age of 18.
- Like the life insurance plans for adults, life insurance for children also 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 child's financially secured future.
Sample illustration of MCP Cash and Insurance Values
| Age | Accumulated Cash Value | Stages | Life Insurance Value |
|---|---|---|---|
| 18 | $98,064 | Education | $229,086 |
| 31 | $59,945 | Marriage | $314,857 |
| 45 | $131,250 | Security | $440,986 |
| 65 | $388,589 | Retirement | $714,257 |
| 85 | $976,425 | Family | $1,209,386 |
*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.
