Protect your child from unforeseen medical costs
Quick question: What’s the most expensive thing in your life? Many people would likely say it’s their house. However, it could very well be your kids that cost you more money than anything else. It’s said that it costs about a quarter of a million dollars to raise one child to age 18 in Canada.* Add another child or two, and you’re probably looking at closer to half a million or more. And that’s not including the costs associated with post-secondary education.
When it comes to college or university tuition, books, and potentially housing and food, many people plan ahead with an RESP or other savings or investments. But what about health care costs during those post-secondary years if your children choose a school out of province or even outside of Canada?