Child Savings Plan - Children's Life Insurance Canada
Being an optimum combination of Participating Whole Life Insurance and RESP, Registered Education Saving Plan, it is the ground layout for future monetary growth through the best child insurance plan. It is designed to maximize your savings so as to cater to when money is needed for education or marriage purposes, proving to be the best life insurance policy for children because of its nature of constant growth.
If you are looking for life insurance for children, MILIFE is the gift that doesn’t stop giving. The returns on the investment have multifold benefits that help you on several levels, making it the best insurance for kids in Canada.
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How MILIFE Children Plan matches its growth with your child’s growth
It will keep growing with your child, covering for funds in times of need for:
An education anywhere around the world.
Marriage expenses that need to be covered.
Any financial need that occurs throughout their lifetime or for their family.
It includes the Registered Education Savings Plan which increases the amount of education funds to almost double, proving to be an effective child education insurance plan in Canada.
MILIFE Children Insurance Plan not only ensures a good education to not be hampered by monetary issues but also includes the Participating Whole Life Insurance. This means that the benefits of the whole life insurance for children also entail cash values and an insurance that continues to grow throughout their lifespan and for their future generations.
The plan can be transferred to your child anytime after they turn 18, tax-free.
Features and Benefits- Reasons to choose MILIFE Children Insurance Plan, Canada
A useful combination of Registered Education Savings Plan and Whole Life Participating Plan, the best life insurance for kids.
The plan will only ask for deposits from you for 20 years with no further deposits being required. As simple and clear as it gets among all the child life insurance plans!
Parents or grandparents can initiate the process of opening the plan that will benefit the insured (the child) making it an effective child term life insurance.
You or your child have the benefit of using the cash value given in the plan for any of your financial needs in life. This means whole life insurance for kids and protection throughout!
It can be transferred tax-free, to the child or grandchild in question any time after they turn 18, to insure their monetary protection.
Your child will have permanent coverage of life insurance, giving them and their family a monetary backing in times of need.
The plan offers cash values that can be used for any education programme around the world thus cushioning the future of the child’s education without monetary barriers.
It is the best whole life insurance policy for child in the market, considering the benefits offered and is still growing to be better.
Sample illustration of MCP Cash and Insurance Values
| Age | Accumulated Cash Value | Stages | Life Insurance Value |
|---|---|---|---|
| 18 | $98,064 | Education | $229,086 |
| 31 | $59,945 | Marriage | $314,857 |
| 45 | $131,250 | Security | $440,986 |
| 65 | $388,589 | Retirement | $714,257 |
| 85 | $976,425 | Family | $1,209,386 |
*Based on a Monthly Deposit of $275 per month
The illustration above for child insurance policy is based on a monthly deposit for 20 years for $275 and with the assumption that the child is less than 1 year old when the plan starts. Values and ages’ column has been drawn assuming 72% of the funds have been utilized at the age of 18 for education purposes. The values mentioned in this multifaceted life insurance for kids for cash and insurance are based on the current dividends scale from a Canadian Life Insurance Company and the current rate of interest that is valid for Canadian RESP distributors which makes it an amazing life insurance policy for child. The illustration is to be taken as an example and the values are only for understanding purposes so may differ in actuality.
When choosing a child savings plan in Canada, it’s important to consider factors such as tax implications, investment options, and fees. Parents should also consider the potential risks and rewards of different investment strategies, and consult with a financial advisor to determine the best plan for their specific financial goals and circumstances.
A child savings plan in Canada can be an effective way for parents to save money for their child’s future needs. Whether it’s an RESP, TFSA, or non-registered savings account, there are a variety of options available to suit different financial goals and circumstances. By carefully considering the options and consulting with a financial advisor, parents can make informed decisions about how to best save for their child’s future.
Personalize Your Children Plans
You may request an illustration to see how much cash value or insurance the life insurance for child would cover and through which intervals shall it reap the highest benefits.
Please Complete the form below to receive your personalized illustrations.
Contact Us
7-1185 Queensway East, Level 1,
Mississauga, ON L4Y 0G4
info@milifeinsurance.ca
416-366-6767 /
905-273-6000
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