Agent Owner, Gilmore Insurance Services, Marysville, Washington State
In what way do you mean? As a college funding choice, possibly, but it would require significant investment that might be better spent on the parents to insure college.
A life insurance policy on a child is a good idea for several reasons. Set up properly it is a financial cornerstone to a sound financial portfolio beginning for a child as they grow into adulthood. Imagine locking in a price that is extremely low and having it gain in value over the years into adulthood. Add the option of guaranteed insurability to the plan and you've taken away the ability for an insurance company to say "no" to your child in the future. That is extremely valuable.
Now, let's look at the sad side of insurance on a child. What if you need it? As heartbreaking as it would be to lose a child, imagine having to figure out what you can "afford" for a service or headstone? Imagine how much time you'll need off of work and what your employer would cover salary wise? For the same reason I purchased insurance as a young single man, long before I went into this business, I didn't want a double or triple whammy for my parents who would already be dealing with my death. Throw lost wages in there and having to find the money to bury me and I've created devastation in my household. While may God forbid, if you were to lose a child, isn't that enough?
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A life insurance policy on a child is a good idea for several reasons. Set up properly it is a financial cornerstone to a sound financial portfolio beginning for a child as they grow into adulthood. Imagine locking in a price that is extremely low and having it gain in value over the years into adulthood. Add the option of guaranteed insurability to the plan and you've taken away the ability for an insurance company to say "no" to your child in the future. That is extremely valuable.
Now, let's look at the sad side of insurance on a child. What if you need it? As heartbreaking as it would be to lose a child, imagine having to figure out what you can "afford" for a service or headstone? Imagine how much time you'll need off of work and what your employer would cover salary wise? For the same reason I purchased insurance as a young single man, long before I went into this business, I didn't want a double or triple whammy for my parents who would already be dealing with my death. Throw lost wages in there and having to find the money to bury me and I've created devastation in my household. While may God forbid, if you were to lose a child, isn't that enough?