As a parent, you know how important it is to have enough life insurance in place on yourselves, so that your children would be taken care of, should something happen to you.With that in mind, I don’t want you to even consider buying life insurance on your kids, unless you have adequate life coverage yourself.
So, assuming that you and your spouse are adequately insured, let’s talk about life insurance on your children. You have 3 different options in insuring your kids, and I will explore and explain all of them below:
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Child Term Rider – a very inexpensive way to insure children, but it’s usually limited to $10,000 max. The good is that it’s very cheap to buy, usually $5 per month will cover all your children. It is also convertible to 5 times as much insurance when the child reaches age 21… The bad – For people that feel they want more than 10k, there is no options.
Whole life insurance – this seams to be the most popular choice for most people and most insurance agents. A lot of people buy it because of the promised cash value and savings. The truth is though, that the savings a very minimal, and the premiums are quite high, so I’m not sure if it is the best deal. If you do decide to go with this type of insurance, then I recommend the Equimax participating whole life policy from Equitable life, because it’s very cost effective (you can get 50k of coverage for about 20/mo), but the best thing about the policy is that the child gets guaranteed insurability for 10 times that amount. What that means is that no matter what the child’s health will be in the future, they will be allowed to buy up to 250k more insurance without a medical.
Term insurance – this one is my favorite for the following reasons:
Insurance Shoppers Canada Inc. is your one stop shop for all your life insurance needs.
Since 1993 our Life Insurance Brokers have been saving Canadians money on their life insurance premiums. The reason that we can save you so much money is several fold.
– Term Life Insurance premiums have been coming down over the last 20 years. The reason for that is because Life insurance companies have realized that people are living longer, and also to stay competitive in the market place. It is not unusual for us to see 3 or 4 insurers drop their child term life insurance rates at least once a year.
That’s why it is important to always be shopping and comparing life and mortgage insurance and term insurance rates. Part of our service is to do that for you on an annual basis. In other words, if you are our client, we will make sure that you always have the best rate for your insurance
– As you will see once you use our life insurance comparison calculator, we compare some 30+ life insurance companies against each other. You will see a fully transparent chart, where from you can pick and chose who you want to be insured with. I am sure that you will find an affordable life insurance quote to suit your budget.
We have contracts with almost every Life Insurance Company in Canada, I will list but a few here, these are companies that we find have the best life insurance rates and customer service
– Getting a good price is only a part of it, but we will make sure that you also get the right kind of coverage, and that the life insurance coverage will stand up at the time of claim. Many people don’t realize that the way you apply for life insurance is very important, and we can help you there as well.