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Life Insurance For College And University Students
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# Tuesday, 28 August 2007
Tuesday, 28 August 2007 16:48:17 (GMT Daylight Time, UTC+01:00) ( General Life | Term Life | Whole Life )

Parents across Canada will be sending their children off to college or university in a few short weeks. For many, this will be the first time their child is leaving home. When considering what your child needs before they leave home, you may want to consider buying them a life insurance policy if they are not already insured.

Purchasing a policy for a young adult has certain advantages. By purchasing life insurance when you are healthy, you can take advantage of cheaper premiums. If you choose to purchase whole or universal life insurance coverage, you are also starting a solid financial investment for your child. This will give your child a head start on an investment plan for their future. You can also choose term life coverage, which will cover the debts incurred by your child in case of death.

While most government student loans will be forgiven in the event of an unexpected death, students generally have other debts that will not be. The majority of young adults incur debt in the form of credit cards, car loans, etc. that will still be owed. Term life coverage can offset these debts, as well as funeral expenses. Parents can purchase a term life policy which will cover their child during their university/college years until the child is in the workplace and able to afford their own insurance.

Buying whole life insurance for your college-aged child has a lot of advantages. Acquiring coverage while the insured person is in good health means that the premiums will be lower. The premiums for whole life cover can also be spread out over a long period of time. A parent can therefore cover the costs while their child is in school, and then allow the child to take over the payments. This will give your child the advantage of lower premiums because it was bought early on. Whole life policies also have a cash value, so your child will have a head start on financial planning. This can be especially helpful throughout your child's life.

You may also want to consider the benefits of purchasing universal life coverage. This will allow you to obtain coverage for your child which is flexible. Your child can adjust his/her policy as their needs dictate, such as getting married, having children, buying a home, etc. This type of life insurance allows your child the benefits of having a policy that builds up cash value, but is less rigid than whole life.

It is advisable to discuss these options with your child to determine which type of policy fits their needs and your budget. Take advantage of their current good health status, in order to save them money in the future. Consult with one of our representatives who can assist you with any questions or concerns.

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# Friday, 10 August 2007
Friday, 10 August 2007 16:06:48 (GMT Daylight Time, UTC+01:00) ( General Life )

As wedding season is here, many couples are facing not only decisions about wedding planning, but also about how to spend their money as a married couple. Combining finances and financial planning can be a tricky and daunting task. It is important for every couple to sit down and thoroughly discuss financial issues before combining their finances and agree on common financial goals.

Combining your finances with someone else brings with it new responsibilities and concerns. The money you spend is no longer just "yours", rather it now "ours", making you accountable to another person regarding your spending habits. Worrying about someone else's spending can be stressful, especially when it doesn't conform to your idea of how to spend joint money. In order to make this financial transition a little smoother, we’ve included some helpful ideas regarding shared money.

• Establish 3 bank accounts. With this system, each person has their own bank account, plus a joint account for household expenses, etc. This allows the couple to both contribute to the relationship, while maintaining some financial independence. Decide how much money each of you will contribute to the joint account every pay period, with the remaining balance to go into your personal account. You can also set up a fourth account, for joint savings if you wish.
• Decide on a budget as a couple. Make sure that your financial priorities are the same; one person may want to save for a house, while the other wants an expensive vacation, or new vehicles every few years. Devising a budget as a couple means that you must first decide on how much to save, what you are saving for, etc. Only after you decide what percentage of your incoming money you plan on saving can you then divvy up the rest.
• Discuss issues such as children, retirement, etc. Having children is not only a major step in life, but brings with it certain financial issues. Your financial planning for the future will be a lot easier if you have an idea of when you plan on having children, how much you plan on saving for future education, etc. Retirement is also a major event that requires certain financial planning to be put in place early. By discussing these issues early on, you can avoid financial pitfalls later.
• Cover all your bases. Major purchases, such as a home, bring with it certain additional expenses which need to be considered. For instance, are you factoring in how much you will need to spend for lawn care, general maintenance, etc? Do some research about what your major purchase will entail, and make sure that this purchase fits your budget. If you plan on owning vehicles, consider the cost of gas, insurance, maintenance, parking, etc.
• Communicate with each other regarding major expenditures. If you are spending money in the joint account, apprise each other beforehand in order to make sure you do not overspend. You may decide that purchases that benefit you as a couple such as furniture or electronics, will be purchased from funds in your joint account. Discuss these purchases before actually buying the items, in order to ensure that enough money is in the account, and that you are both in agreement.

By deciding together as a couple what your financial goals are and what your ambitions are, you can avoid some common pitfalls. Remember, as your family grows, and your assets accumulate, to consult with your insurance broker to make sure you have sufficient life insurance coverage that reflects your new status.

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