RESP is a way of securing your child’s future and avail benefits from the government at the same time. RESP stands for a registered education savings plan. Additionally, RESP matures tax-free If you are not contributing to your child’s future education, then you are missing out on many substantial grants. You can receive up to $10, 800 in grants if you have an RESP. Also, with this policy, your children can focus on their carrier without worrying about any financial issues. Additionally, there is an option of recovering unsubdued grants from the previous year based on how much you contribute which can even double your grant without any extra effort.
WHOLE LIFE INSURANCE FOR KIDS
RESP includes funds for higher education but what about other financial needs like a car, house, etc. Insurance for children is the most secure way of protecting your child’s future. It includes all the needs like financial needs, down payment of the first house, educational needs, funding their first start-up, or any other financial need in their lifetime.
Benefits of Child Plan
- The first question on your mind would be when can this plan be started the sooner the better right? Well, you can start this policy after 14 days of your child’s birth.
– You mean is valid till age 18? Not accessed.
- Funds can be used for higher education, job training, investing in a start-up plan or you can use your child’s plan for annual dividends towards your annual deposits
- This insurance will cover your child fully.
- You can control cash values even after transferring to your child’s account
– “Whole Life insurance”