Life Insurance for Children
Life Insurance for a child’s life can be a delicate subject, but can make financial sense, depending on your families financial situation. Insuring a child at a young age guarantees that he or she has insurance now and has the ability to get insurance in the future.
As parents, we would do anything for our kids, but what if the medical expenses were already taken care of and we could concentrate on being our child's soft place to fall?
In the article A detailed look at Canadian Insurance Companies you will find a comparison of three Canada's leading Whole Life insurance carriers for children. For more information on whole life insurance for children, please contact us at 1-866-899-4849 or visit our online Whole Life Insurance Instant Quote Page.
If you are interested in more articles on Life insurance for children, see the articles below!
More articles about Life Insurance for Children
Insure your kids early and set them up for life. Photo by Lars Plougmann Most parents looking for life insurance for their children are looking for permanent policies where the coverage remains level for the insured child's lifetime. Many of … Continue reading
Now may be the time to buy BMO's 20-pay whole life plan for children. Photo by Ted Bongiovanni BMO insurance offers a 20-pay non-participating whole life plan for children. The plan is very competitively priced and offers lifetime protection and … Continue reading
What plan is best for your children? Photo by Ted Bongiovanni Which type of Life Insurance policy is best for your child? This is a tricky but important question. Let's break the answer down into three categories. 1. Permanent Life Insurance … Continue reading
You can affordably insure your children. Photo by Ted Bongiovanni A Children's Life Insurance policy can be a great way to protect your child's future insurability, and it offers some valuable benefits. However, the challenge can be fitting in the … Continue reading
Life insurance for children: is it really worth it? Photo by Ted Bongiovanni The Globe and Mail wrote an interesting article exactly a year ago, in October 2011, asking "Does your child need life insurance?" "There are usually three main … Continue reading
BMO offers insurance plans for children. Photo by Kipp Jones BMO Insurance offers the following four policies directly to consumers through its website. These policies are not sold via their independent brokers, but BMO Insurance does offer a host of … Continue reading
Assumption Life will soon offer the ability to sign applications electronically. Photo by Joe Hall As of July 23, Assumption Life announced they will no longer carry Odyssey Universal Life, Whole Life and Whole Life Junior, T-10 term life insurance … Continue reading
Save money on life insurance. Photo by Duckie Monster Life insurance premiums can be pretty expensive even though they're one of the most worthwhile investments you can make for the future of your family. Luckily, LSM is sharing the tricks … Continue reading
Industrial Alliance advantage: Child Life and Health Photo by Ted Bongiovanni Industrial Alliance has several unique products and features within its life and living benefit insurance lineup. The following are eight key benefits that help separate Industrial Alliance from its … Continue reading
Your child can get a life and critical illness dual policy. Photo by Kipp Jones Industrial Alliance offers a child life and health dual policy, which provides insured people age 0 to 20 with a combination of life insurance and … Continue reading
Faith Life Financial offers a prayer for your insurance needs. Photo by Victor Bezrukov Faith Life Financial offers the following two participating whole life policies: 1. The Whole Life Life Pay plan 2. The Whole Life Life Pay paid-up at … Continue reading
Cover your child with Youth Plus. Photo by Ted Bongiovanni Assumption Life introduced a children's term life policy called Youth Plus. The policy is available to applicants ages 15 days old to 17 years old. The premiums remain level for … Continue reading
Assumption Life has a term life insurance policy for kids. Photo by Kipp Jones Assumption Life recently introduced Youth Plus. It is a term life insurance product designed for children. The policy is available to insure children between 15 days … Continue reading
Empire Life's insurance options fit nearly any situation. Photo by alex de carvalho Empire Life offers renewable and convertible Term policies as well as Non-Participating Whole Life policies and Universal Life plans. Empire life's Term 10 and Term 20 policies … Continue reading
After your loved one passes, we'll make it easy to collect on their life insurance policy. Photo by Megan Ann. So something has happened to you or your family, but thank goodness, you have insurance, and now it's time to … Continue reading
LSM Insurance has been providing life insurance solutions to Canadians for just under 20 years. Our team of experts helps unravel the mystery of life insurance and answer questions like the following: How much life insurance do you need? What … Continue reading
Save money by adding a rider. Photo by Duckie Monster Most life insurance companies in Canada allow the insured to add riders to their life insurance policies. Adding a rider to a policy versus taking out a separate policy can … Continue reading
Canada Life's Universal Life policies are on the increase. Photo by wlodi Canada Life increased rates on its Universal Life Level Cost of Insurance, and Limited Cost of Insurance policies, as of February 7, 2011. The increases followed rate hikes … Continue reading
Insure your kids early and set them up for life. Photo by Lars Plougmann. RBC Insurance's Universal Life policy is available with a level or increased cost of insurance. Both versions have a Children's Term Rider, which is available to … Continue reading
Eileen McGeough bought life insurance for her two children after her neighbour's teenage son was killed in a car accident almost 20 years ago. The sudden death and watching the family struggle in the aftermath left McGeough feeling vulnerable. At the time, the young mother knew she wouldn't have the money on hand to bury one of her own children. For $15 a month per child, life insurance gave her some peace of mind.
"You don't think about these things until something happens," says Caledon, Ont.-based McGeough. "I just got scared and thought, God forbid, should anything happen it would be one less thing you'd have to deal with."
"People used to use it as an education fund, but it's less likely these days," says Lorne S. Marr, founder of LSM Insurance in Markham, Ont. With the introduction of the Canadian Education Savings Grant in 1998, which matched 20 per cent of a family's contribution to a Registered Education Savings Plan (RESP), the popularity of child life insurance waned.
Insurance offer round the clock coverage
This type of insurance not only covers accidents that happen at school, but anytime anywhere, even during summer holiday. Coverage is 24/7.
"It's a fairly niche product and there are not a lot of companies that offer it in Canada," says Lorne S. Marr, founder of LSM Insurance in Markham, Ont. "It tends to be sold through direct marketing and there is not a lot of broker networking involved."
Most programs in Canada are underwritten by Vancouver-based Industrial Alliance Pacific (IAP) and Hamilton, Ont.-based Reliable Life Insurance.
Reliable Life Insurance operates the parent-friendly website, InsureMyKids.com, where families can choose from a variety of plans -- Bronze, Gold, Silver and Platinum. The IAP Kids Plus program includes the Active Plan, as well as the cost-conscious Value Plan.Continue reading
It's a good idea to insure your kids. Family by Ted Bongiovanni BMO Insurance offers a children's life insurance plan sold directly via its call center and not its broker network. The plan is called the “Headstart in Life Plan.” … Continue reading
Protect your kids with Canada Life's Children's rider. Photo by Kipp Jones Protecting their children’s future insurability is a priority for many parents. Canada Life’s child’s term life insurance rider provides increasing term life insurance for children on the policy … Continue reading
Child life policy. Credit: Eric McGregor For most people, a life insurance policy is a way to protect assets or maintain a lifestyle for dependents when the main breadwinner passes away. This makes such policies for children seem unnecessary and … Continue reading
Protect your kids and get piece of mind photo by Kipp Jones Heaven forbid the unexpected happens: Lung Cancer, Leukemia, Cystic Fibrosis. Critical Illnesses can befall children as well. As parents, we would do anything for our kids, but what … Continue reading
It may make sense to insure your kids photo by Kipp Jones Putting a life insurance policy on a child may seem like just something insurance broker parents do to collect an easy commission. After all, they have no dependents … Continue reading
Insure your kids early,
set them up for life.
Photograph by Lars Plougmann
Whole Life insurance can provide a valuable option for individuals looking for lifetime protection, fixed premiums and a tax sheltered savings component.
Participating Whole Life policies allow the insured to participate in the profits of the insurance company. By taking out a policy on a child, the insurance can benefit in the following three ways:Continue reading
Protect your child's future with Great West Life's Child Oasis Great West Life has a unique Citical Illness insurance plan for children "Child Oasis". It's designed to provide families with the financial resources necessary to support the recovery and … Continue reading
The Novaks, have a sick child - and a growing financial problem by Julie Cazzin 2009 Money Sense Novaks are living every parent's nightmare. Two years ago, their 11-month-old son Leo fell sick. He suffered for days with what his … Continue reading
Over 4,000 participants are expected to attend the 26th edition of Step Up for the Children with Standard Life, to be held on Saturday, June 14 on Ile Sainte-Hélène at Parc Jean-Drapeau in Montreal. The event will begin at 8:30 … Continue reading