Your Money  

Insurance Planning for Kids

When you sit down with your financial planner, you review your investment portfolio, talk about the markets, the kids' RESP accounts and at the end of the meeting you might review your Insurance contracts. We spend the time to ensure that our future is looked after and that our families are protected in the event of a pre-mature death.

Have we forgotten a piece to the puzzle?

Your child is growing and delights you with their first words, their first steps and their first days of school. The first thing many parents do is set up Registered Education Savings Plans to be prepared for the rising cost of education. You might have a savings account set up and in some cases an investment account to start them saving for the future.

We do everything in our power to teach and to ensure their safety and well being. And even though we endeavour to protect our children from life’s ups and downs, we cannot predict the future. This brings me to the missing piece of the puzzle and that is protecting your family in the event that a child becomes sick or passes away prematurely. As parents, we don’t like to think that this will happen but I also know it is a reality for some families.

Protecting your child means more than just having life insurance. It means having the right type of insurance so that it will provide financial support, giving you the ability to take an unpaid leave of absence, pay for specialized treatment but most importantly making sure you stay by their bedside while they recover.

Establishing an insurance plan for our children today will protect everyone during a difficult time, but it also protects them in the future. By starting now, you can take advantage of their youth and health ensuring they have coverage in the future that protects their spouse and kids.

If you would like more information on this topic or would like a review of your current financial plan, please call 778-478-9759, or email [email protected]

This column is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, or life insurance, and should not be taken as providing, investment, financial, legal, accounting or tax advice. All services provided through NorthBay Financial Services. Mutual funds are provided through Sterling Mutuals Inc. Insurance is provided through multiple carriers. The opinions expressed are those of the authors and do not necessarily reflect the views or opinions of Sterling Mutuals Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds and Segregated funds are not guaranteed, their values change frequently and past performance may not be repeated.

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About the Author

Kevin J. Zakus has over a decade of experience in Financial and Investment Planning. He has a diverse practice which includes individuals and families starting the financial planning process, to established individuals and corporations requiring more complex planning.

Most recently Kevin served as a Branch Manager and Financial Consultant with a National Financial Planning Firm in their Calgary and Kelowna Offices. In 2006 Kevin and his family relocated to Kelowna where he continues to build his practice and spend time with his family.

When he is not meeting with clients, Kevin and his wife Julie, try to keep up with their four children and the many activities they are involved in. When they aren't running kids from one event to another, they enjoy spending time boating on Okanagan Lake, travelling, horseback riding and touring local wineries.

Areas of Practice include: Investment, Retirement, Insurance, Estate and Tax Planning.

Email: [email protected]

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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