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RESPs … Are They Relevant Anymore?

Knowledge First Financial Inc., Canada’s largest RESP company, announced it stopped selling certain RESPs on January 23, 2019 due to lack of sales. The RESP is a government program created in 1972 to help your grandparents save for your parents’ university education. Since then, both the world and education options have changed. When your parents […]

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 […]

Not Just for Life After Death: Using Life Insurance As A Retirement Income Plan

Millennial Parents’ Guide To Financial Planning For Children By Michael Lampel As a parent of three, I understand there is nothing we won’t sacrifice for our children’s future — including sleep, health, financial future, and yes, even retirement. When I had my first child the last thing I was thinking about was protecting her financial […]

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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Request a Child Plan™ Illustration and see how much cash value your child will have for their education and for life.

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*illustrations are reflective of the annual premium amount

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