LIFE INSURANCE
Life insurance for children
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A contract on the life of a child. The death benefit is not the reason anyone buys it. What it holds is the right to add coverage later, whatever the medical record of that future adult turns out to be.
What a policy on a child actually holds
- Insurability is the substanceA child insured today can add coverage at stated ages without answering a single health question. That right is written into the contract when it is issued, and later health does not remove it.
- In Quebec, money payable to a minor is not simply handed overAbove a threshold set by law the amount goes through the tutorship regime and is administered until majority. The beneficiary designation decides who receives it and how.
- The owner decides, not the childThe owner controls the contract: the beneficiary, the payments, any transfer at majority. That is settled on the application.
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No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
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What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
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Often the answer is no, and you will hear it during the call rather than in a proposal afterwards.
About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.