STARTING FINANCIAL PLANS FOR CHILDREN

I am often asked about what kind of financial plans would be good for children.  You can start a financial plan for your child from when they are newborns. 

(Note:  I can not be held responsible for how you use this information.  Always consult your financial advisor, accountants and tax specialists.)

Here are some frequently asked questions and some approaches:

What would be the purpose of getting a life insurance policy for a baby or a child under the age of 18?  They do not have any assets or tax issues.

Starting a permanent (whole life) or permanent participating plan for babies/children is a very wise decision.  

Although we do not want to think of our children passing away before us, we do not have a crystal ball.  If they should, the cost of a funeral is quite high. In addition, you will need time for the grieving process.  The last thing you want to deal with is financial issues.  I urge every single parent to make sure they have a small policy.

Permanent life insurance policies for children are very inexpensive.  For anywhere from $10 a month cdn and up, you can have a very nice plan.  Especially if they are participating plans.  (Participating means that the policies are pooled and then dividends issued once a year to the policy holders.  Dividends can be used to purchase more insurance within the plan or can accumulate or pay out.)

Insurance is based on age, health and gender.  If you purchase a plan while the child is young, you lock in the premiums for life. (If the plan costs $10, the premium will stay at $10.00 for the life of the insured.)  Many companies have plans that can be paid up in 10 15 or 20 years.  The premiums are higher to cover the cost of insurance.  After the 10, 15 or 20 years, you have a paid up plan.  We have policies that are paid up by age 65.  There are lots of choices.  Pick a plan that meets your objectives.

KIEFER SUTHERLAND & CDN MEDICARE PLEDGE- PART ONE

This week - November 15th- is National Medicare Week in Canada. 

Kiefer Sutherland's (actor- 24 tv series) grandfather Tommy Douglas founded our Medicare System in 1947.  You can Kiefer speak out, via video on the Canadian Health Coalition Team website, about his support for Canada's National Medicare Program.

The Canadian Health Coalition Team has put out the following alert.  Go to their website (click on their name above or below and you will go directly to the site).  Once on their website, you can join the pledge or email the Prime Minister of Canada or both.

Why is there not enough money and what is going to happen in 2014? 

There are several reasons for the lack of money.  Currently the Gov't covers about 69% of our health care costs.  Increase in costs and aging population can certainly be pointed to. 

HOWEVER.....

Often what happens is we get information and then we forget about it. When it comes to our Governments, for the most part, the masses are not educated or knowledgeable (or really care) where their money goes.

So why are we here?  Well, in the mid 1990's the Federal Government changed how it was funding the Provinces/Territories in financial transfers.  This action left big holes in Provincial/Territorial budgets. 

In addition, around the same time, the Canadian Council of Chief Executives lobbied the Federal Gov't successfully to have Corporate tax rates lowered.   Did you know you pay more in taxes than the Corporations?    Before the Corporate tax rate was lowered, Corporations were paying 75% of the taxes and individuals were paying 25% of the taxes. 

Now it is the exact opposite.  A non believer?  Check it out for yourself. Not sure where to even look?  It is called Public Accounts of Canada.  I went in and did a quick tally- sure enough, it is true.

In 2003, the Federal Gov't set up a Royal Commission on the Future of Health Care in Canada.  There was actually a First Ministers Accord on Health Care Renewal reached in 2003.  So...in 7 years, what has been implemented??  I am still trying to find out...


For more information on Health Care in Canada- continue to read over the next few days. 

Take Action for Health Care

Dear friend,