{"id":7163,"date":"2020-03-02T14:10:53","date_gmt":"2020-03-02T14:10:53","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/2020\/03\/02\/life-insurance-for-a-new-baby-why-it-makes-sense\/"},"modified":"2023-02-10T20:20:39","modified_gmt":"2023-02-10T20:20:39","slug":"life-insurance-for-a-baby-and-why-it-makes-sense","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-a-baby-and-why-it-makes-sense","title":{"rendered":"Life Insurance for a New Baby? Why It Makes Sense."},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Life Insurance for a New Baby? Why It Makes Sense.<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2020-03-02T14:10:53-05:00\">March 2, 2020<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">4 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Rebecca Lake\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Rebecca Lake<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/thumb-father-and-son_402x.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Picture of a father and son, with the father&#039;s hand on the son&#039;s back\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/thumb-father-and-son_402x.jpg 930w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/thumb-father-and-son_402x.jpg?resize=300,200 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/thumb-father-and-son_402x.jpg?resize=768,512 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/thumb-father-and-son_402x.jpg?resize=412,275 412w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Life Insurance for a New Baby? Why It Makes Sense. &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-a-baby-and-why-it-makes-sense\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-a-baby-and-why-it-makes-sense\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h4\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Why Cash Value Life Insurance?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-why-cash-value-life-insurance\">Why Cash Value Life Insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-insurance-can-help-secure-your-babys-future-plans\">Insurance Can Help Secure Your Baby&#039;s Future Plans<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-the-sooner-you-invest-in-your-childs-future-the-better\">The Sooner You invest in Your Child&#039;s Future, the Better<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-so-is-life-insurance-right-for-your-baby\">So, Is Life Insurance Right for Your Baby?<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Did you know that purchasing a cash value life insurance policy is a way you could pay for your child&#8217;s education, and other financial goals, you might not have considered?<\/p>\n<p>It&#8217;s never too soon to start planning for your child&#8217;s post-secondary education. The <a href=\"https:\/\/www.macleans.ca\/education\/the-cost-of-a-canadian-university-education-in-six-charts\/\" target=\"_blank\" rel=\"noopener noreferrer\">average annual cost of university<\/a> for Canadian students living off-campus was $19,498.75 in 2017, and that number is expected to steadily increase every year. Luckily, you have time on your side!<\/p>\n<h4 id=\"h-why-cash-value-life-insurance\">Why Cash Value Life Insurance?<\/h4>\n<p>Cash value life insurance \u2014 also known as permanent life insurance \u2014 can act as an investment vehicle for the life insured, in this case your newborn, for life.<\/p>\n<p>How does it do that? Once your child reaches adulthood, you can transfer the ownership of the policy to them. Then, they can borrow against the policy or withdraw the cash value that&#8217;s been accumulating since you bought it.<\/p>\n<p>Life insurance pays benefits to one or more beneficiaries if the person insured passes away, but permanent coverage yields another benefit that can be used to secure your child&#8217;s financial future: <i>cash value<\/i>.<\/p>\n<p>With <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/universal-life-insurance\/?dlref=Discover-Learn-Insurance&amp;dlarticle=Life-Insurance-For-A-New-Baby-Why-It-Makes-Sense&amp;dltarget=product-info\" target=\"_blank\" rel=\"noopener noreferrer\">universal life insurance<\/a>, for example, only part of your premium (or what you pay for coverage) goes toward purchasing your insurance. The rest is invested to earn interest. And you can choose more conservative or more aggressive investment options based on how much risk you&#8217;re comfortable with taking on.<\/p>\n<h4 id=\"h-insurance-can-help-secure-your-babys-future-plans\">Insurance Can Help Secure Your Baby&#8217;s Future Plans<\/h4>\n<p>Your newborn may be just a baby, but eventually, they will grow up. And accumulating the cash value of a universal life insurance policy now can be a big help later on with things like:<\/p>\n<ul class=\"disc-list\">\n<li>Paying for their post-secondary education<\/li>\n<li>Helping them buy their first car<\/li>\n<li>Putting together a down payment for their first home<\/li>\n<li>Funding a gap year before college or university so they can travel the world<\/li>\n<li>Helping them start a business<\/li>\n<\/ul>\n<p>And if they don&#8217;t end up using the cash value in their policy for any of those goals, they can also use it later in life to:<\/p>\n<ul class=\"disc-list\">\n<li>Supplement their retirement income<\/li>\n<li>Help pay for their health care expenses that <a href=\"https:\/\/www.canada.ca\/en\/health-canada\/services\/canada-health-care-system.html\" target=\"_blank\" rel=\"noopener noreferrer\">Medicare<\/a> doesn&#8217;t cover<\/li>\n<li>Cover their policy premiums<\/li>\n<li>Help their own children with <i>their<\/i> financial goals<\/li>\n<\/ul>\n<h4 id=\"h-the-sooner-you-invest-in-your-childs-future-the-better\">The Sooner You invest in Your Child&#8217;s Future, the Better<\/h4>\n<p>You can buy a permanent life insurance policy for your children at any time. But there are <b>two significant advantages to getting coverage when your child is a newborn:<\/b><\/p>\n<ul class=\"disc-list\">\n<li>Coverage may be less expensive because they are so young<\/li>\n<li>Your child has a longer window to accumulate the cash value<\/li>\n<\/ul>\n<p>Permanent life insurance can be more expensive than term life insurance, which only covers the beneficiary for a set term, but term life doesn&#8217;t offer the cash value.<\/p>\n<p>Universal life insurance combines the lower premium costs of term life insurance with the cash value and flexibility. That&#8217;s why there may be no better time to get a low rate on universal coverage than when your baby&#8217;s just made their debut to the world.<\/p>\n<p>From a saving perspective, time is the most powerful tool your child has. The sooner your child is covered by a permanent life insurance policy, the longer the cash value component has to grow until they&#8217;re ready to use it.<\/p>\n<h4 id=\"h-so-is-life-insurance-right-for-your-baby\">So, Is Life Insurance Right for Your Baby?<\/h4>\n<p>There are several things to think about if you&#8217;re considering buying life insurance for your newborn. Start by asking yourself these questions:<\/p>\n<ul class=\"disc-list\">\n<li>What financial goals could life insurance help my child with?<\/li>\n<li>How much coverage should I buy for my newborn, and what&#8217;s the cost?<\/li>\n<li>What are the policy&#8217;s investment options?<\/li>\n<li>How does life insurance fit into our family&#8217;s larger financial plan? For example, if you&#8217;re <a href=\"https:\/\/www.rbcroyalbank.com\/investments\/resp.html?dlref=Discover-Learn-Insurance&amp;dlarticle=Life-Insurance-For-A-New-Baby-Why-It-Makes-Sense&amp;dltarget=product-info\" target=\"_blank\" rel=\"noopener noreferrer\">saving for college or university in an RESP<\/a>, or investing money for your loved ones, would the policy still be as useful?<\/li>\n<\/ul>\n<h4>If you think universal life insurance for your newborn may be a good fit financially, <a href=\"https:\/\/services.rbcinsurance.com\/StoreAdvisorLocator\/?dlref=Discover-Learn-Insurance&amp;dlarticle=Life-Insurance-For-A-New-Baby-Why-It-Makes-Sense&amp;dltarget=advisor-locator\" target=\"_blank\" rel=\"noopener noreferrer\">talk to an advisor<\/a>.<\/h4>\n<p>\u00a0<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-c9476541-91f2-4daa-9f41-3f6eb86148dc {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-c9476541-91f2-4daa-9f41-3f6eb86148dc {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-c9476541-91f2-4daa-9f41-3f6eb86148dc\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing life insurance for your newborn can be a wise investment as you plan for their long-term financial health.<\/p>\n","protected":false},"author":116,"featured_media":7176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[3,5],"article-type":[80],"ppma_author":[],"class_list":["post-7163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-family","tag-parenting","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Life Insurance for a New Baby? 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