Protect Your Grandchildren
Published in October 2020
Beautiful British Columbia provides us with endless opportunities for a healthy lifestyle, but the high cost of housing and heavy taxation from all levels of government makes living here expensive, even for those outside the Lower Mainland. Young couples often turn to their parents for financial support, then run hard to meet the demands of a dual-income family. They have little time to think about how life might be different if something unexpected happens.
As a new parent, their finances are often so tight that they simply cannot afford to protect themselves or their partner against the unexpected. Fortunately, parents and grandparents can play a special role here. You are permitted to create a life insurance policy on your own son or daughter and cover the costs of the premiums, as long as they agree of course.
In the event that the unexpected occurs and the daughter or son passes away, their widowed partner should receive the payout monies within weeks so they can afford to raise your grandchildren safely, from that point forward.
Protecting your grandchildren by insuring your daughter or son can be another of your wonderful legacies.
As a new parent, their finances are often so tight that they simply cannot afford to protect themselves or their partner against the unexpected. Fortunately, parents and grandparents can play a special role here. You are permitted to create a life insurance policy on your own son or daughter and cover the costs of the premiums, as long as they agree of course.
In the event that the unexpected occurs and the daughter or son passes away, their widowed partner should receive the payout monies within weeks so they can afford to raise your grandchildren safely, from that point forward.
Protecting your grandchildren by insuring your daughter or son can be another of your wonderful legacies.