Insights & advice
Should I buy life insurance for my child?
July 2022 – 15 min read
Life insurance for a child can help pay for a funeral and allow parents for time off work to grieve
Buying life insurance for a young child can help protect their insurability if their health changes
There are different types of life insurance you can purchase depending on your needs
Some types of life insurance can also help secure your child’s financial future as adults
Why consider buying life insurance for your child
There are 2 main reasons to consider taking out a life insurance policy for your child:
Planning for the unthinkable
No one likes to think about their child dying, but having life insurance would help to cover funeral costs, and allow you to take time away from work to grieve.
Guaranteeing your child’s insurability
While your child may be healthy now, potential future health issues may make it harder for them to get life insurance later on. Getting them a policy now may allow them to convert to an adult policy without a medical exam, at a cost based on when they were younger and healthier.
Now that you know more about why you might purchase life insurance for your child, why not meet with your advisor to:
Discuss how life insurance fits into your family’s financial plan
Discover the benefits of purchasing life insurance for your child
Decide what type of life insurance best meets your child’s needs
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.