Buying insurance for a child may not be comfortable, but it’s an important step for your financial plan, and your child’s future financial security.
Permanent life insurance for children
- Helps protect your child’s future financial security. The insurance you buy for them now gives them a base for their own family’s financial wellbeing.
- Creates a stable investment with tax-advantaged growth and cash value they can access for future expenses, like education.
- Helps protect your family’s financial security. Should something happen, it makes funds available so parents can take a leave from work to help deal with the loss.
Critical illness insurance for children
- Gives your child critical illness insurance protection into adulthood.
- Helps cover day-to-day expenses so that a parent can stay by a sick child’s side during treatment and recovery.
- Helps off-set the costs associated with an illness so you don’t have to dip into your savings or retirement fund.
When should I buy permanent life and critical insurance?
Buying permanent life and critical illness insurance for your children when they’re young and healthy is more affordable, especially when you lock in at lower children’s rates. Plus, you may be able to use the Canada Child Benefit (CCB) to help offset premium costs.
Equitable Life offers a permanent life insurance plan that can be paid up in 20 years. You can also add an option that guarantees their right to purchase more life insurance in the future, so the plan can grow with them. Whether they’re getting married, buying a home, starting a family or even opening a business, the plan will help cover their needs, regardless of their health or lifestyle.
Permanent life and critical illness insurance, plus guaranteed future insurability – all bundled together in one convenient package. Talk to your advisor to find out more.