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Parents Helping Their Adult Children – Important Information

Parents Helping Their Adult Children – Important Information
Surveys reveal that nearly half of Canadian parents are helping to financially support their adult children between the ages of 18 and 35. (1)

Approximately 40 per cent of young homeowners received down payment gifts, with the average amount surpassing $70K. (2)

Many other parents are helping their children purchase their first home by co-signing or guaranteeing their mortgage.

Parents choose to help for many reasons, as many of these adult children are facing: 

  • Post-secondary education debt 
  • Difficulty establishing credit 
  • Soaring cost of housing 
  • Securing well-paying employment
This help is not limited to only mortgages, many Canadian parents are named on student, vehicle, and other general loans, hold credit cards, and are invested in a business venture with their children.

In 2020, this financial support amounted to approximately 10 billion dollars. (3)

This involvement puts the parent and the adult child at substantial financial risk.

Life insurance can help mitigate this risk.

Beyond mortgage insurance, which many choose to protect their investment, life insurance helps pay debts of all kinds. As age and health status help determine the cost of premiums, now may be the perfect time to help protect the future financial security of adult children and their parents alike.

We help guide Canadians of all ages, in all stages of life to purchase the life insurance they need. You can begin an online quote or reach out to our team member, Martez anytime: call 1-800-679-2640 or text: 519-563-7638