Children Financial Planning
is to build a financial plan that acts as a ladder for your child’s needs. As your child is dependent on you, it is your responsibility to take care of him/her even if you are not around.
If you are a parent, you’d know how having your first child is the joy of all joys. Right from the early days of nurturing to good quality education to shape up their future, there are several key milestones in a child’s life that even parents go through in moulding their child into a responsible adult. To achieve such milestones without any hassles, it is imperative that financial planning is done at an early age.
As children grow, they are often asked what they want to be when they grow up. Doctors, Engineers, Lawyer, Teachers are some of the popular replies. However, the spiralling cost of education can maim their long-standing ambitions. To meet the educational expenses in a convenient way, we help parents put together a Children’s Education Savings Plan to start at an early age to make sure there is enough funds when they are ready to start fulfilling their educational goals.
Child Plans are special insurance plans that offer maturity benefits along with insurance coverage. These plans provide economic support to meet your child’s expenses at key milestones in their life. Children’s insurance and savings plan are an integral part of financial panning for their life.
As children grow, they are often asked what they want to be when they grow up. Doctors, Engineers, Lawyer, Teachers are some of the popular replies. However, the spiralling cost of education can maim their long-standing ambitions. To meet the educational expenses in a convenient way, we help parents put together a Children’s Education Savings Plan to start at an early age to make sure there is enough funds when they are ready to start fulfilling their educational goals.
Child Plans are special insurance plans that offer maturity benefits along with insurance coverage. These plans provide economic support to meet your child’s expenses at key milestones in their life. Children’s insurance and savings plan are an integral part of financial panning for their life.
Life is unpredictable; no one can foretell any unfortunate events that may befall you, and god forbid, separate you from your child. Setting a target date for child plans and savings plans is as crucial as choosing the investment amount.
Your child’s serious illness can affect the whole family physically, emotionally & financially. Child Critical Illness Insurance can ease the strain. Many parents take time off work when their child is sick. While some employees can take personal days off, paid time off is limited for most Canadians and many working Canadians (i.e. self-employed and contract workers) don’t have the benefit of any paid time off.
Your child’s serious illness can affect the whole family physically, emotionally & financially. Child Critical Illness Insurance can ease the strain. Many parents take time off work when their child is sick. While some employees can take personal days off, paid time off is limited for most Canadians and many working Canadians (i.e. self-employed and contract workers) don’t have the benefit of any paid time off.
Registered Education Savings Plan (RESP)
RESP is an educational savings plan. It allows you to build up savings to put toward your child’s post-secondary education. This is the most precious gift you could offer your child, the possibility to pursue the career of their dreams without giving you the financial stress.
To encourage education savings, the Government of Canada and some provincial governments provide annual grants based on how much you contribute to your child’s RESP. Combined with your regular contributions, this generous government assistance deposited in your RESP gives a significant boost to your savings. Depending on your family income, you could be eligible for an additional grant. All your investments, grants and interest grow tax-free until withdrawal.
If your child’s interest doesn’t require further education, or doesn’t want to pursue post-secondary education, you can designate to another child in the family, withdraw your original contributions tax free, or transfer your accumulated investment income to your RRSP under certain conditions.
To learn more on RESP options and benefits, speak with an advisor.
If your child’s interest doesn’t require further education, or doesn’t want to pursue post-secondary education, you can designate to another child in the family, withdraw your original contributions tax free, or transfer your accumulated investment income to your RRSP under certain conditions.
To learn more on RESP options and benefits, speak with an advisor.
Critical Illness Insurance (CII)
Critical Illness Insurance for children provides you with a lump sum if your child is diagnosed with one of the illnesses covered by your policy. Children are also covered for five childhood illnesses such as type 1 diabetes mellitus and cystic fibrosis up to age 24. After they turn 24, they will continue to have coverage for a long list of illnesses that can strike at any age. As a parent, you hope you’ll never have to claim for a Critical Illness Insurance benefit for your child.
That said, some insurers may return some of your premiums if you never make a full claim on your policy.
To learn more on Children CII plans and benefits, speak with an advisor.
That said, some insurers may return some of your premiums if you never make a full claim on your policy.
To learn more on Children CII plans and benefits, speak with an advisor.
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