Congrats parents, you’ve survived the second week of the school year!
We’ve talked about education savings; how it’s a pillar of a strong financial plan and how it helps to set your kids up for success in the (not so far) future.
Another tool that is extremely valuable, but talked about much less, is children’s insurance. No one ever wants to think about something bad happening to their child, unfortunately, sometimes these unexpected things do happen, whether it be a critical illness, an accident or a premature passing. With children’s insurance, not only is your family protected while your child is young, but there is so much more to it for when your child has grown.
Here are some of the major benefits of children’s insurance!
- Cost! — this is one of the biggest advantages, it costs so much less! If you compare the cost of the exact same type of insurance on a newborn vs. a 25 year old, the difference in price is a huge savings. Usually, you’ll lock in the cost of the insurance at their young age so you’ll be getting this savings for the lifetime of the policy.
- Health! — unfortunately, as we age, we usually don’t get healthier. We’ll never be healthier and younger than we were yesterday, so being able to lock in your child’s insurability at their young age is important.
- Products! — the insurance products available in Canada today are great for children’s insurance. You can have your child’s insurance policy completely paid off at their age of 10, and they will have that protection for the rest of their lives, providing protection for their children (your grandchildren) down the road.
- Time! — there are policies that can build up a cash value within them, when you start a policy at such a young age, you have more time to allow those values and the amount of insurance protection to grow. The policies can continue to grow even though you’ve finished paying for them.
Ah, to be young again! Don’t let the opportunity to protect your children at a young age pass you by, take advantage of the huge benefits. In life, sometimes things happen that we don’t want and don’t plan for, your family’s finances shouldn’t be negatively affected if one of those things happens.