Sep 29
Does my college age kid need life insurance?
Unless your child has someone depending on him or her financially, the answer is generally no.
A lot of times insurance companies will try to peddle life insurance for children. Some will say it is a smart idea to buy a policy in his or her earlier year because if your child develops a medical condition later in life, insurance would be very costly. But it’s unlikely a healthy child will develop a problem that will last into adulthood.
Take the money you would have spent on life insurance and put it towards something he or she really needs. Be sure to talk to your kids as they get into their twenties and start settling down with a family. This is the time when he or she should be thinking about life insurance.
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