Why Buy Life Insurance On A Child?
3998 POINTSview profileMatt BenoreFounder, DenverWest Insurance Professionals, Inc.,Buying Life Insurance is really for two reasons, one is for the unfortunate, the childs death. The other is as a gift of life as I like to call it, something you can give them in the future. Especially if you design the policy such as Whole Life to build cash value over time. This can be used in the future for the child's future family, to help pay for college and more.Answered on May 14, 2014flag this answer
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaWhy buy for a child? Because you can lock in the lowest possible rate this way, for the rest of that child's adult life! It will never go up. Never change. Always be there, and available for their college funding, medical emergencies, home down payment, and their retirement. Regardless of their future health or insurability, they will always have that life insurance you locked in when they were a child. Good enough reason? Thank you. GARY LANE.Answered on May 14, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaLife insurance on a child should never be at the expense of life insurance on the breadwinner. Historically these policies were sold door to door on a weekly premium basis. While parents were concerned about the possible cost of the death of a child they were actually sold as savings plans. My parents gave me my paid up $2000 policy when I got married. Today the reason to buy such a policy is even more obscure. A small number of children become uninsurable and a very small number die; however, this insurance might still help bring peace of mind to a parent.Answered on May 14, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! There are three good reasons why you want to buy a policy for your child. The first is for the obvious - if your child were to pass away, you would not have to bear the expense of the funeral by yourself. The second is so that you can save your child thousands of dollars over their lifetime. When you purchase the policy when they are young, the price they pay for the policy is locked in, and that is what they pay for the rest of their life. Many policies for young kids will offer a rider to increase the coverage amount without any medical questions. This is important in that if the child were to develop health issues that might otherwise cause a company to deny or drive up the price of coverage, they can still add to their coverage. The third is that by purchasing the policy when they are young, the cash value that builds in the policy can be sizable if and when they might need it. If you would like more detail, please feel free to contact me, I'd be happy to help. Thanks for asking!Answered on May 14, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
