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Why is the RESP an Out-dated Option for My Child’s Future?

This is a continuing blog in the series Millennial Parents’ Guide to Financial Planning for Children. My father always told me: “If you’re going to spend your time thinking, you might as well spend it thinking big.” While I am President of insuranceforchildren, I still advise and manage investments of two-dozen successful clients whom I […]

Is The RESP Even Relevant Anymore? – Video

Typically I begin by asking parents what they believe is an RESP (Registered Education Savings Plan)? Every parent automatically and without hesitation replies that it’s an education savings plan for their children’s future education, where the Government gives them 20% of whatever they deposit to their children’s education savings plan.  Following that they are […]

Canada Child Benefit: 21st Century Benefit for 21st Century Children

How Canada Child Benefit Will Pay Dividends For My Daughter’s Entire Life. Millennial Parents’ Guide to Financial Planning by Michael Lampel Rather than continue rehashing 20th-century government programs for children in the 21st century. Our Prime Minister a parent of children aged 6 and 8 and former teacher understood this is a global world and […]

What Will the New Canada Child Benefit Mean for My Child’s Future?

Millennial Parents Guide To Financial Planning For Children The Liberal government estimates the average family will receive nearly $2,300 more each year, thanks to the new Canada Child Benefit. But what does it mean for my family? There’s a reason I hire an accountant to do my taxes. Crunching numbers and keeping up with tax […]

Sample illustration of Child Plan™ Cash and Insurance Values

Based on a Deposit of $225 per month

AgeAccumulated Cash ValueLife Insurance Value
21$77,369 (Education)$585,633
35$188,297 (House)$963,104
45$335,046 (Security)$1,247,642
65$977,644 (Retirement)$1,979,475

1. Sample illustration is based on a $225 monthly premium for twenty years, starting when the child is less than 2. Cash and life insurance values are based on the current dividend scale of 6.35% from a Canadian Life Insurance Company. 3. This example is strictly for illustrative purposes only, the annual dividend scale is not guaranteed and values may differ.

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*illustrations are reflective of the annual premium amount

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