Determine your needs

Having a child

The birth of a child changes your life in many ways: it brings a great deal of happiness, but also new responsibilities. On a financial level, the birth of a child generates many expenses that can change your financial situation.

It is quite normal to want to ensure the financial security of your family, as well as the well-being and development of your child. You can count on the support of a financial services professional to help you find the best financial protection.

Insurance advice

Protect your child’s future	If you have not already done so, consider buying life insurance. If you already have life insurance, you might want to increase the amount of your existing coverage since your needs are greater following the birth of your child.
Plan for the consequences of an illness	Disability insurance and critical illness insurance will help your family maintain its financial stability if your income stops for one of the following reasons: the death of one of the parents, an accident or health problems.
Plan for the consequences of an illness	Critical illness insurance for children will help your family maintain its standard of living if your child becomes critically ill.

Solution to save on your taxes

Invest in an RESP

A Registered Education Savings Plan (RESP) lets you accumulate money that will serve to pay for your child’s post-secondary education, tax free.

Legal aspects when a child is born

Update your will	The birth of a child is a good reason to review your notarized or witnessed will.
Appoint a guardian	A guardian is the person who will be responsible for your child if both parents die.