Whole life insurance for children provides lifelong protection and alternative to RESPs
Toronto, ON (Jan. 14, 2021) – PolicyAdvisor.com, Canada’s leading online insurance marketplace, today adds Children’s Life Insurance to its extensive suite of insurance offerings. PolicyAdvisor.com becomes the only brokerage in Canada to offer instant online quotes, comparisons, and digital purchase of whole life insurance policies for children under the age of 18.
Children’s whole life insurance offers lifelong protection to the child insured; due to the young age of the child, the premiums are usually inexpensive. Simultaneously, the policy’s cash value accumulates as an investment vehicle, building savings the insured child can use for any major expense down the road.
PolicyAdvisor.com’s simple-to-use children’s insurance quoting tool helps Canadians determine the cost of lifetime coverage and the policy’s potential for growth in coverage or cash value over time. The site lets consumers conveniently compare insurance prices and apply for products offered by 20 of Canada’s largest insurance companies.
“While it may seem morbid, children’s insurance encompasses much more than the initial coverage benefit,” said Jiten Puri, PolicyAdvisor.com CEO. “It allows a parent or grandparent to give the gift of guaranteed future insurability as also access to a financial asset they can put towards education costs, a first car, travel, or downpayment on a first home.”
PolicyAdvisor.com offers online quotes and comparisons for children’s life insurance in 3 coverage amounts: $50,000, $100,000, and $250,000. The company’s licensed insurance advisors can also customize quotes and comparisons for other coverage amounts.
A children’s life insurance policy is a useful alternative to a Registered Education Savings Plan (RESP). RESPs have contribution limits and strict use terms; the cash value from children’s life insurance can, however, be used in any chosen way and has no limit on the cash value accumulation.
Since its 2019 launch, PolicyAdvisor has expanded online access to insurance products for Canadians. The company’s innovative insurance marketplace and seamless purchase-experience facilitate online purchases for consumers when in-person meetings are discouraged, given social distancing norms.
For more information about children’s life insurance and other financial protection products, visit PolicyAdvisor.com.
PolicyAdvisor.com is an innovative Canadian online insurance broker providing a digital solution to an archaic industry, combining modern technology, intuitive design, and real-world expertise to make insurance buying simpler, straightforward, and stress-free.
SOURCE: PolicyAdvisorTags: industry first, launch, Life Insurance, platform, PolicyAdvisor