People buy life insurance for children so that they can give them a proper funeral if the child should pass away. They buy life insurance for children so that the child can borrow from it to pay for college, wedding, home or other large expenses in the years to come. And perhaps the most common reason people buy life insurance for children is so that they have a policy, in case they would ever become unisurable in the future.
There may be the occasional need to insure children, but I think the exception proves the rule that it isn't needed.
The greater threat to kids is the vast number of the parents in America today who don't have the life insurance they should have.
If you are a family breadwinner with little savings, you need life insurance to cover essentials for your family such as income replacement, mortgage protection, college funding, or final/burial expenses should anything take YOU out of the picture.
Living Debt Free & Truly Wealthy, The found money specialist, United States
Why Buy Life Insurance For Children? Great Question.
Are you going to contribute towards your child's future college cost?
Are you interested in giving your kids an head start in life with saving money?
I think the best thing to do is understand the benefits of whole life insurance, or index universal life insurance. When you learn about these two insurance products you will understand their are tax advantages such as tax deferred and tax free withdrawal. When you combine the tax advantages with earning a rate of return on your money while it compounds over the years than you will see why you would definitely buy life insurance for your child.
The biggest asset kids have is time. It takes time for money to build over the years, and the real question is how much money do you want working in your child's favor that's tax free.Something to really think about.
I hope this helps anyone in why they should buy life insurance for their child.
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The greater threat to kids is the vast number of the parents in America today who don't have the life insurance they should have.
If you are a family breadwinner with little savings, you need life insurance to cover essentials for your family such as income replacement, mortgage protection, college funding, or final/burial expenses should anything take YOU out of the picture.
Are you going to contribute towards your child's future college cost?
Are you interested in giving your kids an head start in life with saving money?
I think the best thing to do is understand the benefits of whole life insurance, or index universal life insurance. When you learn about these two insurance products you will understand their are tax advantages such as tax deferred and tax free withdrawal. When you combine the tax advantages with earning a rate of return on your money while it compounds over the years than you will see why you would definitely buy life insurance for your child.
The biggest asset kids have is time. It takes time for money to build over the years, and the real question is how much money do you want working in your child's favor that's tax free.Something to really think about.
I hope this helps anyone in why they should buy life insurance for their child.
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