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 […]
Millennial Parents’ Guide to Financial Planning Are you feeling frustrated with the rigid rules defined by the government’s Registered Education Savings Plan (RESP)? If so, you’re not alone. The RESP is outdated. It’s a government program that was created for our parents, but the next generation needs something entirely different. The costs of education for […]
Millennial Parents Guide To Financial Planning For Children The average Canadian family with two kids will get about $200 more next year and about $500 more in 2019 through the Canada Child Benefit (CCB). And that’s just one advantage. _____ The recent increase in the CCB was a welcomed gift to families and the second […]
Parents have started to realize that the RESP is not the solution to their children’s education costs but may be the beginning of their problems. For over 20 years the banks, group RESP companies, and governments have promoted to new parents that the RESP is the only solution to saving for their children’s education, yet; […]
Banks won’t tell you about Participating Whole Life Insurance plans as an alternative to RESP for your child’s education and future. For over a century, banks were viewed by Canadian families as trusted community partners who provided advice to help manage their financial lives. You walked into your branch, spoke with your manager on what’s […]
Canadians have always believed their Banks could be trusted for advice on where to invest for their future and their money and their children’s. But that is now in question when the CBC exposed that bank employees are forced to sell and at times deceive customers on fees they pay and load them with products […]
Are 50% of parents not using RESP to save for their child’s education because of restrictions on where their child can go to school and what they can study? In 2015 only 50.1% of parents in Canada which children who qualified for an RESP opened one to save for their child’s future education. While there […]
Sample illustration of Child Plan™ Cash and Insurance Values
Based on a Deposit of $225 per month
|Age||Accumulated Cash Value||Life Insurance Value|
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