Life insurance for children is recommended by many financial planners.

Talking about premature death is by far one of the most taboo topics among Quebec families.

When you include children in the topic, it can be very distressing and can easily make many parents angry.

This is normal because nobody likes to think of the worst!

Yet, life is unpredictable and unfortunately, children die every year as a result of an illness or accident, leaving their parents heartbroken, and their finances in a precarious situation.

For a long time, financial planners have often suggested that parents take out life insurance for their children.

Although it may seem strange, even shocking, you will understand that it is not, and that parents who do so are not doing in to make money out of the death of their children.

Below you will find the top 5 reasons that may compel you take out life insurance for your children.


Life insurance for children is recommended by many financial planners.


Is it legal or morally acceptable to take out life insurance on your children?

Before going into the heart of the matter, let’s take the time to break the discomfort and talk about what makes you uncomfortable.

When people take out life insurance normally, it is to leave behind money for their children and their heirs.

Why should you take insurance on your children?

Is it because we want to inherit money in the event of their death?

Of course not!


As you will soon discover, taking out life insurance on your children is primarily for their benefit and to allow you to take time out and attend to them if something bad happens.

But first of all, is it legal to take out insurance on your children?

The answer is yes!


Is it possible for parents to take out life insurance for their children in Quebec?

The answer is yes.

However, insurers often have a limit in terms of the amount of coverage you can obtain.

Generally, insurers refuse to insure children for more than $250,000.

The principle behind this is that they do not want parents to profit from the death of their children.

Financial planners recommend that parents first ask themselves how they feel and their personal outlook regarding the subject.

Before making a decision, take the time to read the 5 best reasons for life insurance for children presented below.

You will learn about convincing reasons and see a different perspective that you may not have considered before.

One thing that is certain is that you want the best for your children, and life insurance can be a tool to secure their future.


Learn where to buy life insurance- agents, brokers, or direct insurance – with useful tips and advice.



# 1: The premiums are ridiculously low.

First of all, know that if you choose a term life insurance product, or even a child rider, it could cost you only a few dollars each month to protect your children.

Life insurance premiums are based on the probability of death of the insured person, and statistics show that your child is not really at risk unless there is a health problem.

You can, therefore, secure for him a low cost insurance in advance.

By taking out life insurance for your children today, you will only have a few extra dollars to pay each month, and your children will enjoy benefits as discussed in # 2 below!

It will cost you just a few dollars each month to protect your child with term life insurance


# 2: To ensure their future insurability.

In life insurance, what is often forgotten is that not everyone is insurable. It all depends on his state of health.

However, if you take out insurance and then get sick or have an accident, your insurer cannot revoke your coverage.

Therefore, many parents consider the future and decide to take out life insurance for their children, an endorsement of insurability guarantee, or a children’s endorsement while their children are young and in good health in order to guarantee their insurability in the distant future.

This means that from the moment you decide to get coverage for your children, you can negotiate the contract terms in which they can automatically change their coverage and policy without having to go through a medical examination.

This is a special benefit you are providing for them since you are giving the assurance of life insurance that will be available when they need it, regardless of their state of health.

Remember that your child will grow up fast, and when the time comes that he wants to buy a house, will have to take out a mortgage and will most likely consider taking out life insurance.

He will definitely be grateful to you!


Life insurance for children will ensure their insurability in the long term


# 3: For them to have an insurance contract that matures when they turn 18

There are many life insurance products in Quebec: term life, permanent, universal, whole life, etc.

When you want to insure your children to help them, you have several choices.

Some parents simply take a child endorsement with a guarantee of insurability, while others, wishing to help their children in the future, take out a term life insurance of 20 years with the possibility of modifying the contract every 5 years.

With a permanent life insurance policy, you can cover your children and a portion of your premium payments will go into so-called cash value.

When your child reaches the age of maturity, they will be able to decide whether they want to keep their life insurance, or take the cash value.

It can be a way to save for your child while ensuring the life of your child.

The possibilities with life insurance are many, and we recommend you consult a counselor to find out more.

A permanent life insurance for a child can be a way to save funds for his future


# 4: To cover funeral expenses in case of premature death

We now come to a less pleasant aspect of life insurance but an important one, nevertheless.

In the event that your child dies prematurely, you will have to pay a large amount of money to cover the funeral expenses.

In Quebec, funeral expenses can easily cost up to $10,000, depending on your choices.

Not all families can afford to pay such an amount without resulting in a serious financial problem.

To avoid this situation, parents often take out a small life insurance for their children for $10,000 to cover funeral expenses should the worst happen.

The cost of such an insurance will only be $ 2-5 per month, and can make a significant difference in the financial aspect.

Life insurance benefits will cover funeral expenses in the death of a loved one


# 5: So that parents can take the time to mourn

Finally, the death of a child can cause a serious emotional and financial upheaval in a family.

Many parents say that in the event of such a tragedy, they would not return to work for some time, and that they might even consider leaving their job for a while.

Of course, if you stop working, the income will stop coming, and the bills will pile up.

It can plunge a family into serious financial problems, or even bankruptcy in some cases.

In anticipation of the worst, many parents decide to take out a life insurance contract for $20,000- $ 50,000 (sometimes more) in life insurance for their children to cover the funeral expenses and to have a financial cushion while they are in mourning.

We are not talking about making money off your children, but simply being able to survive the tragedy without going into significant debt.

If you are uncertain about your insurance needs and want to find a good financial advisor, you can find useful tips from the Financial Consumer Agency of Canada  regarding working with a financial advisor.

Make sure you have a chance to mourn the death of a loved one with life insurance benefits


Get a life insurance quote for your kids by filling out our free form!

Now you understand why and how life insurance for your children can be important for you as well as for them.

In fact, obtaining a life insurance for your children will be a great service to them in the long term, and can also protect you if the unthinkable happens.

If you want to receive a quote to consider various scenarios and prices with a life insurance advisor, you are in the right place.

Check out the top 20 Life Insurance Companies in Canada.

Just fill out our free, no-obligation form and we’ll put you in touch with a life insurance advisor in your area.

It’s 100% free, and you can change your mind at any time!

If you have more questions or would like more information, our partner advisors will be happy to respond to your queries.

Get a Free Quote for your life insurance

Compare Different Life Insurance offers and select the Best, simply by filling out the from below

"*" indicates required fields

Terms and Conditions*