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Will Your Pension be Enough to Pay For Your Great Grandchildren’s Education?

A while back we posted a blog called Are You a Member of the Club Sandwich Generation? about a relatively new phenomena called the Club Sandwich Generation – people taking care of 3 generations:

  1. Aging Parents, Children and Grandchildren
  2. Children, (Aging) Parents and Aging Grandparents

Currently there are 3.3 million families with four generations (children, parents, grandparents, great-grandparents) still alive, but by 2030 this will rise to 4.2 million. I recently came across a story about a member of the Club Sandwich Generation that clearly demonstrates how important it is to plan for the future and for the unexpected twists and turns in our lives.

An 84 year old retiree in Illinois was a laborer in a steel and wire factory. He and his wife lived modestly and retired with his pension. Ah, the golden years! Sadly, it appears that all that glitters is not gold. Instead of enjoying the fruits of his lifelong labors, this unfortunate pensioner is providing for 11 separate family members – children, grandchildren and great grandchildren. His savings are gone and he doesn’t know how he is going to help 5 great grandchildren that want to go to college. Clearly at his current stage in life there is nothing much that can be done, but if you have young children, grandchildren, or great grandchildren, Child Plan for Parents and grandchildren is what you need to plan for the future and for the unexpected twists and turns in our lives.

Child Plan for Parents: Will pay for any education program worldwide; not only those approved by the government. And it can be used even if your child doesn’t pursue post secondary education to buy a house, start a business, or as a source of income.

Child Plan for Grandparents: Is a flexible, tax free gift for your grandchildren (pr great grandchildren). It can be used for education, help with the down payment on a home, as a financial asset to start their own business, or even as a future source of retirement income.

Contact Insurance for Children today to start planning for your family’s future.

Sample illustration of Child Plan™ Cash and Insurance Values

Based on a Monthly Deposit of $250 per month

Age Accumulated Cash Value Life Insurance Value
20 $82,568 (Education) $612,728
35 $177,953 (House) $1,115,297
45 $303,299 (Security) $1,115,297
65 $834,276 (Retirement) $1,666,824

Sample illustration is based on a monthly contribution of $8.32 a day/$250 a month for twenty years, starting when the child is less than 1 years old. Cash and life insurance values are based on the current dividend interest rate of 6% from a Canadian life insurance company. 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

Have a question about Child Plan or wish to speak with a Family Advisor?