What do you want to be when you are older?
That can be a difficult question for many young people to answer, especially at graduation. Some of us are still trying to figure out the answer, which explains why one can contribute to an RESP until the beneficiary reaches 31 years old.
Most parents hope to offer their children the funds required to reach for their dreams, and an RESP can help with that.
Some group benefits providers can set up monthly payments to your RESPs. In some cases, your payroll department can set it up to directly pay to the insurance provider of your RESP.
It is a stress-free and convenient way to have the funds paid into your child’s RESP without the worry of making a monthly or annual payment.
RESPs are a useful way to save for your child’s future education. Whole Life Insurance is another option.
You can use the cash values inside a Whole Life policy for other expenses, such as a down payment on a home or a start-up business venture. The list is extensive.
Again, this is another tool that can assist your children later in life. Not to mention, you ensure they have insurance coverage while young and healthy.
RESPs give you the option to choose from a selection of investments, low to high risk. For those who are comfortable with making these decisions and following the markets, you can grow the funds significantly for your child on your own. If not, we are here to offer our expertise and knowledge to assist you.
Feel comfortable in your decisions about your child’s future, with valuable information and knowledge. The grants are yours to make investment decisions, so there is room to grow these additional funds.
Have a question? Or need clarification?
Call to schedule an appointment with one of our advisors.