President, Lane Independent Agency, Southern California
Getting a child Whole Life Insurance gets them insurance that can be theirs all their lives, regardless of their future health, or whether they even become uninsurable. And at their age, the cost is so low, it makes a perfect gift from a grandparent or certainly their parents. New York Life is advertising their Grand Parent Gifting Program this time of year. It sure beats video games. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.
There are different views as to what the best life insurance is for children.
If you have more than one minor child, getting a child rider on the parent's policy is a very low price way of covering your children. If they develop a health condition, they will be able to convert their policy to a permanent policy of approx 5 times the value of the rider when they become an adult. If they stay healthy, they can purchase a permanent policy on their own, at a competitive price, when they become adults.
Some parents prefer to purchase permanent policies for their children while they are young, and then give them that policy, all paid up, when they become adults.
Either way, getting life insurance on your children ensures that they will be able to have affordable coverage as adults, in addition to providing protection if there was a tragedy while they are young.
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If you have more than one minor child, getting a child rider on the parent's policy is a very low price way of covering your children. If they develop a health condition, they will be able to convert their policy to a permanent policy of approx 5 times the value of the rider when they become an adult. If they stay healthy, they can purchase a permanent policy on their own, at a competitive price, when they become adults.
Some parents prefer to purchase permanent policies for their children while they are young, and then give them that policy, all paid up, when they become adults.
Either way, getting life insurance on your children ensures that they will be able to have affordable coverage as adults, in addition to providing protection if there was a tragedy while they are young.