Protect Their Today. Fund Their Tomorrow.
Having a child changes everything. Discover how Canadian families are using life insurance
not just as a safety net, but as a strategic financial tool to lock in low rates, fund
education, and guarantee their family's lifestyle.
What is the concept: "New Family Coverage Planning"?
When starting a family, most people are told they "need life insurance," but they aren't taught how to use it. New Family Coverage Planning goes beyond just buying a basic policy in case something bad happens. It is a proactive strategy that uses life insurance as a foundational tool to build and protect your family’s wealth from day one.
Dual-Purpose Family Protection
This planning involves looking at your growing family’s entire financial picture and structuring insurance tools to do multiple jobs at once. It means securing policies that replace a parent's income to keep a roof over your heads, while simultaneously setting up permanent, cash-accumulating policies for your children that will act as a financial launchpad for their adult lives.
As your advisors for life, we help you plan for the milestones—first steps, university tuition, first homes—using life insurance as the engine to get you there safely.
How Can Canadian Families Use It?
For young families in Canada, stretching a dollar is more important than ever. Proper coverage planning allows you to use tax-advantaged insurance vehicles to solve multiple financial challenges at once.
Here is how proactive Canadian families use life insurance as a planning tool:
Locking in Lifelong Insurability
One of the smartest tools for a new family is a permanent life insurance policy on a child. By starting a policy when they are young and perfectly healthy, you lock in incredibly low premium rates for their entire life. Even if they develop health issues later, their coverage is guaranteed forever.
A Flexible Alternative to RESPs
While Registered Education Savings Plans (RESPs) are great, they are highly restrictive in how the money can be used. By building cash value inside a child’s participating whole life policy, you create a tax-sheltered pool of money they can use for anything, whether that is university tuition, starting a business, or a down payment on their first Canadian home.
Mortgage & Lifestyle Protection
We use strategic Term Life Insurance to cover your largest liabilities, like your Canadian mortgage and childcare costs. If a parent unexpectedly passes away or becomes critically ill, the surviving spouse isn’t forced to sell the family home or disrupt the children’s standard of living.
Creating Generational Wealth
A properly planned family policy ensures that the wealth you are working so hard to build today transfers seamlessly and tax-free to your children in the future, avoiding the Canada Revenue Agency’s heavy estate taxes.
Who is it for?
This type of strategic planning is essential for anyone responsible for the well-being and future of a child. It is highly effective for:
Expecting & New Parents
Couples who have recently had a baby (or are about to) and want to establish a rock-solid financial foundation from day one.
Newlyweds & First-Time Homebuyers
Partners who have just merged their finances, taken on a significant mortgage, and want to ensure their growing family is protected against the unexpected.
Single Parents & Sole Providers
Individuals who are the sole financial providers for their children and need absolute certainty that their kids will be financially secure no matter what happens.
Generous Grandparents
Grandparents looking to gift their new grandchildren a meaningful, lifelong financial asset that will grow in value and provide security for decades to come.
Is New Family Coverage Planning Right For You?
Your family is unique, and your financial strategy should be too. Off-the-shelf policies don’t account for your specific goals, debts, and dreams. As your dedicated Canadian advisors, True North Life Insurance will help you map out a plan that protects your family today and funds their success tomorrow.