Agent Owner, Gilmore Insurance Services, Marysville, Washington State
why do babies need life insurance? There are several reasons life insurance for a baby makes sense. One is simply just planning for the future for that child through a cash value policy that grows over time. Coupled with a guaranteed insurability option, a good plan takes away an insurance company's ability to say "no" down the road. That in it's self is very important. Taking away "no" is a wonderful feeling.
Another reason is what if the unthinkable happens? Would a family need time, would they need money to have a service or even buy a headstone? Imagine the stress of having to budget the service for your child? How much hate and resentment would happen having to tell a spouse "no, it costs too much" ?
The more accurate question is why do parents want to take out life insurance on their infant child?
You may want to cover final expenses in the death of the child. You may want to start a long term savings program for your child. You may want to purchase the maximum the carrier allows for the future of your child’s insurability, especially if your family’s health history includes chronic illnesses. But keep in mind, most life insurance carriers will not issue a policy on a child if the parents have no coverage of their own.
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Another reason is what if the unthinkable happens? Would a family need time, would they need money to have a service or even buy a headstone? Imagine the stress of having to budget the service for your child? How much hate and resentment would happen having to tell a spouse "no, it costs too much" ?
You may want to cover final expenses in the death of the child. You may want to start a long term savings program for your child. You may want to purchase the maximum the carrier allows for the future of your child’s insurability, especially if your family’s health history includes chronic illnesses. But keep in mind, most life insurance carriers will not issue a policy on a child if the parents have no coverage of their own.