When To Buy Life Insurance For Child?

  1. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    As soon as a child is a few weeks old, insurance companies can write life insurance on them. That is actually the best time to purchase it. It is the very least expensive it will ever be and you can lock in that rate for the rest of the child's life, all the while accumulating value which can be borrowed against or used in later years for retirement, with a permanent policy. Thank you. GARY LANE.
    Answered on June 23, 2014
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  2. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    You should buy life insurance for a child within the first 30 days of birth. Insuring a child is very affordable and does a few things. First, in case of loss of life, it would pay final expenses which range from $8,000 to $12,000. Next it will protect the child's insurability. If a child ends up with juvenile diabetes or cancer and they have purchased a convertible policy, they now have life insurance at a very affordable rate the rest of their life. Lastly, purchasing cash value life insurance can help the child in later life with funds for college, down payment for a house or even retirement.
    Answered on June 23, 2014
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