Getting life insurance for your child, in my opinion, is more important than ever before. With the advancement of medicine, there are many health conditions being diagnosed, and even tendencies toward health conditions are noted in medical records. While this is wonderful for saving lives, it can have a negative impact on insurability and life insurance rates.
Getting life insurance for your child ensures that they will have a good life insurance rate for the rest of their lives. Even if you just put them on a child rider, they can convert the amount of the rider to 5 times that amount of life insurance when they become an adult.
Life Insurance for children is a good idea for a family. The first benefit would be for the event of a death of a child then the family could use the benefit to pay for funeral and burial expenses. This benefit would take away additional stress in a very difficult time.
The second reason would be providing a good start for the child's future family as many of these policies offer great conversion rates in the future. Every family needs protection and that would include the child's future family. This policy would be beneficial if the child was unable to obtain a policy later in life if they developed a illness or disease that prevented them from getting insurance.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Yes, indeed.
Think about when he or she gets older.
Buy a home and take out a mortgage? No problem - has a policy already so the family can pay it off.
Start a business and need a policy to qualify for a bank loan? Got one.
An emergency requires lots of cash in a pinch? The cash in the policy is available within days.
Unfortunately comes down with diabetes or another illness, and may have to pay a lot for a new policy? Now worries- already covered.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Does your child need life insurance? Well there will be an answer for everybody and they may not be the same. I purchased life insurance on my children. Here are a few reasons why.... if one of my children were to die, I don't think I would be able to go straight back to work on Monday as if nothing happened. I wouldn't want to have the price of the headstone and service costs get into the pain my wife and I would be experiencing. Imagine telling your wife "that costs too much" for the headstone she wants for your child.
I also bought for positive reasons too. I purchased whole life so they have permanent insurance working hard at a low cost for them. They have solid cash values and life insurance to take into adulthood.
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Getting life insurance for your child ensures that they will have a good life insurance rate for the rest of their lives. Even if you just put them on a child rider, they can convert the amount of the rider to 5 times that amount of life insurance when they become an adult.
The second reason would be providing a good start for the child's future family as many of these policies offer great conversion rates in the future. Every family needs protection and that would include the child's future family. This policy would be beneficial if the child was unable to obtain a policy later in life if they developed a illness or disease that prevented them from getting insurance.
Think about when he or she gets older.
Buy a home and take out a mortgage? No problem - has a policy already so the family can pay it off.
Start a business and need a policy to qualify for a bank loan? Got one.
An emergency requires lots of cash in a pinch? The cash in the policy is available within days.
Unfortunately comes down with diabetes or another illness, and may have to pay a lot for a new policy? Now worries- already covered.
See what I mean?
I also bought for positive reasons too. I purchased whole life so they have permanent insurance working hard at a low cost for them. They have solid cash values and life insurance to take into adulthood.