Life insurance can help ensure your child's education in several ways:
Death benefit: The death benefit provided by a life insurance policy can be used to pay for your child's education expenses, such as tuition, room and board, textbooks, and other educational expenses.
Cash value: Some life insurance policies, such as whole life insurance, have a cash value component that grows over time. This cash value can be borrowed against or withdrawn to pay for educational expenses.
Coverage for a specific time period: You can choose a term life insurance policy that covers the time period when your child is expected to be in school. This way, you can have peace of mind knowing that your child's education will be financially secure if you die during that time.
Rider options: Some life insurance policies offer riders, such as a child term rider, that provide additional coverage for your children. This can provide extra financial security for your child's education if you die unexpectedly.
It's important to note that life insurance is not the only way to save for your child's education, and you may want to consider other options, such as an RESP, in addition to life insurance. To learn more about the options available to you, please book a consultation meeting.
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