CHILDREN'S LIFE INSURANCE
WHAT IS
CHILDREN'S INSURANCE?
Children’s life insurance is a permanent life insurance policy for your child under the age of 18.
This is a life-long policy which can also be used to build savings for a major expense in the child’s future such as an education
fund or a down payment on a home or vehicle. A children’s life insurance policy is a good way to provide both insurance coverage and a
financial head start for as long as they choose to keep the policy in force.
RESP vs.
CHILDREN'S LIFE INSURANCE
CHILDREN'S LIFE INSURANCE
When it comes to saving for your child's future, you have a few different options. One is to get children's
insurance, and another is to set up a Registered Education Savings Plan (RESP). Both of these options have their pros and cons, so it's
important to understand the difference before you make a decision.
Children's insurance is a type of life insurance that is specifically designed for kids. It can be a good option if you want to make sure that your child has insurance coverage or a good financial headstart. The downside of children's insurance is that it can be more expensive than other types of life insurance.
RESPs are savings accounts that are specifically for education expenses. The money in an RESP can be used for things like tuition, books, and living expenses. One of the benefits of an RESP is that the money in the account grows tax-free. The downside of an RESP is that you have to start making contributions early on in your child's life, and you can only use the money for education expenses.
Children's insurance is a type of life insurance that is specifically designed for kids. It can be a good option if you want to make sure that your child has insurance coverage or a good financial headstart. The downside of children's insurance is that it can be more expensive than other types of life insurance.
RESPs are savings accounts that are specifically for education expenses. The money in an RESP can be used for things like tuition, books, and living expenses. One of the benefits of an RESP is that the money in the account grows tax-free. The downside of an RESP is that you have to start making contributions early on in your child's life, and you can only use the money for education expenses.