When my kids were born, I remember realizing pretty quickly that love alone wasn’t enough.
Of course I would protect them, provide for them, and do everything I could to give them a good life. But there was also a practical side of parenting that kicked in early—the responsibility to make sure they’d be okay, even if something unexpected happened.
So we put a plan in place from the beginning.
Not because we expected something to go wrong, but because we didn’t want to leave important decisions up to chance.
As a financial planner, I’ve seen what happens when these conversations get pushed off. And as a parent, I didn’t want that for my own family.
There are three areas I come back to again and again with parents: a will, an RESP, and insurance. They each serve a different purpose, but together they create a strong foundation.
A will is where everything starts. It ensures your children are cared for by the people you trust and that your finances are handled the way you would want. Without one, those decisions don’t disappear—they’re simply made by someone else, often during an already overwhelming time. Having a will in place removes a layer of uncertainty your family shouldn’t have to carry.
RESPs are one of the more straightforward wins. You’re not just saving for your child’s education—you’re doing it with built-in advantages:
- Government grants that add to your contributions
- Tax-deferred growth over time
- Flexibility in how the funds are used for post-secondary education
You don’t need to do it perfectly. Consistency matters more than timing, and even smaller contributions can build into something meaningful.
Insurance is usually where people hesitate, which is understandable. But it’s also the piece that protects everything else you’re building.
At its core, life insurance for parents is about making sure your child is financially supported if you’re not there to provide for them. In our case, we also chose to put permanent insurance in place for our kids early on—not out of fear, but because it allowed us to:
- Lock in their insurability while they’re healthy
- Provide long-term coverage they can carry into adulthood
- Build a small financial asset they may be able to access later
It’s not something every family needs, but it can make sense as part of a broader plan.
If I had to simplify it, I’d say this: start with a will, contribute consistently to an RESP, and make sure your insurance coverage protects the life you’re building.
You don’t have to do everything at once. But doing nothing leaves gaps—and those gaps matter when it comes to your kids.
Because when it comes to your child, having a plan isn’t about expecting the worst. It’s about being prepared, in a way that lets you get back to focusing on everything that matters day to day.
