In conclusion, while there are certainly some potential benefits to buying life insurance on your baby, it’s usually not a good idea. There are other options – such as an RESP or other investments – that may be more effective for saving for your child’s education, and in most cases, the cost of life insurance for a child is likely to outweigh the potential benefits. If you are concerned about providing financial protection for your family in the event of your child’s death, it may be a better idea to focus on your own life insurance needs and make sure that you have sufficient coverage to protect your loved ones.
If you’re not sure what type of life insurance is right for you and your family, don’t hesitate to reach out to us. We can help you understand your options and find the coverage that best meets your needs. Don’t make the mistake of buying life insurance on your baby without fully considering the costs and benefits – take the time to think about your individual circumstances and financial goals, and make a decision that is right for you and your family.
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