School is in Session: Plan for the Future with Life Insurance for Children

With school back in session what better time is there to start thinking about an education fund for your child’s future? Right now you tell them that they can be anything they want to be when they grow up – but what about when high school graduation rolls around and they have their sights set on post-secondary education…

Here are the facts: the average cost of post-secondary education in Canada rises steadily every year. For the 2011/2012 school year the average cost of tuition for an undergraduate student at a Canadian university was $5366, and at a Canadian college $2600. And that’s just the classes. For most undergraduate (university) programs, the yearly cost of books ranges from $800 to $1000, or a little less for college programs. And these costs don’t factor in the cost of living – which rises when your child goes to school out-of-town. Add on at least a few thousand dollars more if they are not living at home during this period.

Every parent wants to be able to provide for their children, including their education, but when it comes to saving many just don’t see a way to do it. Here is where the benefits of life insurance for children come in. By purchasing a life insurance policy for your child when they are still in grade school, you are essentially providing for their future no matter what they want to do. Low monthly premiums make it easy to set that money aside.

Think about it this way: the average post-secondary education today runs about $25000 for a degree. The average policy, with low monthly premiums, can garner a cash value to be used to pay that entire amount. By taking out life insurance for children, you are effectively securing those funds so that your child can avoid student loans and benefit from an education that gives them a fresh financial start once complete.

What if they choose not to pursue a post-secondary education? The money saved through that life insurance policy can be used for many other things: buying their first car, a down payment on a home, traveling the world, etc. That cushion provides the stability when they first start out that lets them breathe that much easier. With life insurance for children, you can save for your child’s future without stress.

For more information about securing education savings through life insurance for children, please contact Independent Financial Concepts Group today at 416-849-1653 or visit us at www.wecoveryou.ca.