We heartily congratulate parents and their children for another wonderful school year! To help you make better informed decisions for your child, we endeavour to make you aware about the importance of Life Insurance for children and the opportunity to claim current year’s RESP annual grant.

We know that life in Canada is quite busy. To ensure that nobody is left out of the opportunity to secure the financial well being of their children and family, we have started a campaign to provide you the best possible financial protection for the secure life of your children.

We know that life insurance ensures the financial safety of our family. The recently passed Covid Phase has given us a big lesson and has made us realize the fact that we need to insure ourselves for the financial well being of our loved ones. While on the surface it may appear that buying life insurance for children is not necessary since they are not the bread earners of the family and thus no one depends on them financially; we tend to ignore the other major advantages which Child Life Insurance offers.

CHILD LIFE INSURANCE ENSURES INSURABILITY OF YOUR CHILD

Since children are young and healthy, they can be easily approved for Life insurance coverage. This protection continues through their adulthood even if they develop a medical condition or poor health later on. They don’t face any risk of denial of coverage at a later stage in life. Your child can even buy additional coverage if you have already purchased ‘guaranteed insurability rider’, and his acceptance is guaranteed regardless of his health or occupation. So it is always better insuring your child at a young age.

AFFORDABILITY OF PREMIUMS

Again as children are young and healthy, the premiums are offered at the lowest rate possible and this monthly payment amount remains stable (locked up) even when your child grows into adulthood- the rate never goes up. On the other hand, for an eligible adult, even a singly health condition can make the premiums expensive and again, this rate gets locked up for your life. So the earlier you insure your child, the better rate of premium you get to pay.

BUILDS A SOUND FINANCIAL BASE FOR YOUR CHILD

Child life insurance offers another great benefit in the form of fund accumulation. The insurance companies provide dividends on the policies which become a large chunk of money when children grow up into adulthood. They can then borrow from the cash value that has grown over the years or if they want, can even surrender the policy and receive the accumulated cash value which helps them get started in life.

OFFERING PEACE OF MIND WITH NO NEED OF FUTURE PREMIUMS

Certain plans offer you the advantage of getting paid up in 10-20 years. So after that time period, as your child grows up, he/she can remain protected under the coverage without the pressure of paying premiums for the same and thus can utilize his funds to achieve other endeavours in life.

RESP- A WONDERFUL SAVING OPPORTUNITY FOR THE POSTSECONDARY EDUCATION OF YOUR CHILD RESP

is an immensely wonderful savings initiative of the government which enables you to save for the postsecondary education of your children. The accumulated funds can be used to pay tuition fee and other financial barriers of post-secondary education including residence, school supplies, food, and travel. To help you further invest in the post-secondary education of your children, the government of Canada has devised CESG plan wherein it provides you annual grant. The deadline of the grant is December 31 of the calendar year. Since the deadline is fast approaching, in order to gain the maximum benefit of this opportunity, we strongly encourage that you should make contributions to the plan before this deadline.

We are happy to announce that to commemorate the Child Life Insurance & RESP Awareness Campaign; we have organized a free contest on Lohri Festival in which you can win a total cash prize of $5,000. On January 14, 2022, there will be 5 draws with $1000 cash prize for each of the draws. There is a guaranteed prize for expecting mothers and children celebrating their first Lohri. To participate, you don’t need to purchase a plan. Simply go to our website and register your kid’s name in the contest.

As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources. Besides, I can also help you to purchase mortgage insurance, super visa insurance, disability insurance, critical illness insurance, extended medical plans, group medical plans, RESP, RRSP, travel insurance, TFSA accounts, health and dental plans along with estate planning suitable for your needs and resources.

Sandeep Ahuja
604-996-6862 sandeepahuja@punjabinsurance.ca