Make sure their tuition
doesn't depend on you being there.

Education insurance combines a savings plan with life cover, so your kids' post-secondary tuition is funded whether you're around to write the cheques or not. Often paired with an RESP for the best of both worlds.

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Combines savings with life-insurance protection.

Premium guaranteed if the parent passes away.

Pairs well with the federal RESP grant program.

Why education insurance exists.

An RESP is the right starting point for most Canadian families saving for university. It captures the federal CESG grant — up to $7,200 per child in free money — and grows tax-deferred. But an RESP has one quiet weakness: it depends on the parent staying alive and able to contribute.

Education insurance solves that problem. It's a savings plan with life-insurance protection built in. If the parent passes away during the savings period, the insurer keeps making the contributions on their behalf. The kids get the same tuition outcome — even if life doesn't go to plan.

Education insurance vs. RESP — the honest comparison.

An RESP gives you the CESG grant and great flexibility. Education insurance gives you guaranteed contribution continuation if you die. They're not the same thing, and the right answer is often both.

A typical setup: contribute to an RESP first to maximize the grant, then layer education insurance on top to guarantee the savings continue if anything happens to you. The combined cost is usually under $200 a month for most families and ensures the tuition target gets hit either way.

What you get

The features that actually matter.

No fluff. No sales theatre. The handful of things that move the needle for real Canadian families.

Tuition-funded outcome

Guaranteed payout to fund post-secondary education when your child is ready.

Premium waiver

If you pass away, the insurer keeps contributing on your behalf.

Tax-advantaged growth

Investment side grows tax-deferred inside the plan.

Flexible payout

Use proceeds for tuition, residence, books — even a gap year.

The Lowest Rates Hub way

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Step 02

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Honest tradeoff

When this isn't right for you

If you're already maxing the RESP and have term life insurance with enough coverage to fund education on its own, a separate education insurance product may be redundant. Sometimes the simpler stack — RESP + term life — does the same job for less.

Frequently asked

The honest answers. No fine print.

No — start with an RESP. The CESG grant is free money you don't get with education insurance. Education insurance complements an RESP by guaranteeing the contributions continue if you pass away.

Most plans let the funds be used for any post-secondary path — college, trade school, online programs. Some let you redirect the funds to another child. Read the fine print on flexibility before signing.

Typically when the child reaches 17 or 18, with payouts spread over 4 academic years. Some plans allow earlier or lump-sum withdrawals depending on need.

A 4-year Canadian undergraduate degree at a public university now costs roughly $80,000 to $120,000 including living costs. Aim to fund half to two-thirds of that target through a combination of RESP and education insurance.

The life-insurance portion is paid tax-free if a beneficiary is named. The investment growth follows the tax rules of the underlying plan structure — your advisor will walk you through how it works for your specific plan.

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