Children are the future. We need to plan for their future and we need to protect it. As the saying goes, it will be here before we know it. A family's insurance and financial needs will grow and change over time as we take steps to manage our finances; and protect our property and lifestyle against significant changes in our life or health.

Couples should take a close look at life insurance once children arrive. This is when it hits home that others are depending on you and your income. You want to be sure the family has the resources to maintain the home and have all the opportunities you want them to if you are not there. If you don't have a strong savings program, a small life insurance policy on your children may make sense.

CRITICAL ILLNESS

Critical Illness protection is another vital link in the overall financial planning of your loved ones.  This coverage can provide a lump sum benefit if your child suffers from a qualifying illness. This benefit can be used for alternative medical treatment, time away from work and so on and can be purchased with a life insurance policy.

FINANCIAL PLANNING

If kids were born with a price tag on how much they cost through age 21, we'd undoubtedly have a moment of sticker shock. But once children come into our lives, it's time to really get serious about a savings program. A major issue for families with children is how to best prepare to send the kids to college. The cost of tuition and room and board for four years now approaches $40,000 for universities and exceeds $73,000 for private schools. In general, most students qualify for some kind of financial aid. But the current budget squeeze is requiring schools to raise tuition to close budget gaps, so costs are increasing in double-digits in many cases. There are a variety of plans available but most common are the RESP and the Education Savings Grant.