Why Take Out Life Insurance On A Child?
16470 POINTSview profileDavid OsgoodAgent, Rural Mutual Insurance Co., Union Grove, WITaking out a life insurance policy on a child will provide a lower premium than what it will be when they are older and it provides insurability. Some policies after being issued will allow a child at different pre-assigned ages to increase the policy value without a medical exam and for only the cost of the premium for the extra coverage added to the policy.Answered on October 27, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Taking out life insurance on a child can be a good idea if there are diseases that run in your family, such as type 1 diabetes. By getting life insurance while they are young and healthy, you will pay a low premium and also be assured that they will be able to have life insurance at an affordable price for the rest of their lives. This is even if you buy Term Insurance or put a Child Rider on your own policy, as both of those choices usually allow you to convert the policy to permanent insurance, later on.Answered on October 28, 2013flag this answer- 0 POINTSview profileMendy DouglasInsurance Educator, North American Senior Benefits, Houston, txLosing a child myself, I HIGHLY recommend getting life insurance on your child. None of us wants to think of iosing a child, let alone plan on it but it definitely eliminates the financial burden if the unimaginable does happen. Life insurance is also so cheap for children and there are many different types you can get. The most common is a term policy which will last for a set number of years. 10, 20, 30...but then they expire and the cost of getting a whole life policy then is more expensive since the premiums go by age. I have a 20yr paid up policy on my children for $10k death benefit. I pay a very low amount for 20 years and they will have $10,000 coverage for the rest of their lives. The premium will never go up. Remember this, the best time to purchase life insurance is the younger and healthier you are!Answered on October 31, 2013flag this answer
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