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Starting a Family
Starting a family is a significant stage of your life. Children add immeasurably to your happiness. However, at the same time, they also add immeasurably to your responsibilities.
The cost of raising a child to age 18 in Canada is $155,000¹. That's already quite a sum of money. However, it does not include recreational activities such as summer camp, private music lessons, dance, gymnastics or hockey; education savings; orthodontics or other dental work; prescription medications, or the expenses involved should your child develop health problems.
As most of us realize, post-secondary education costs are rising dramatically. Consider that if your child is currently 16 years away from attending college or university, you can expect tuition, books, and expenses to amount to approximately $38,000 a year if living at home and $94,000 a year if living in residence².
How will your family cope with these expenses if you pass away? Life insurance lets you keep your promises. If you are not there to assist financially, it can ensure that your family home is maintained and help your children participate in their activities and attend university without crushing debt.
Both you and your spouse should ensure that your family will have peace of mind should either of you pass away. The necessity of insuring the life of a stay-at-home parent is often overlooked. However, quality child care and housekeeping services can amount to a considerable sum.
Why wait another day? Ensure that you and your spouse are both adequately protected. Use our online Life Insurance Calculator to estimate your needs. You can also Get free quotes and apply online. Or, call 1-877-397-4187 to speak with a licensed, non-commissioned TD Insurance representative³.
Remember to top up your coverage as your needs change, your family grows and your debts and obligations increase.
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