Feb 01
Is child life insurance a good idea?
Child life insurance is and isn’t a good idea. It’s a great idea for end of life burial expenses, but as a savings tool, it’s not such a great idea.
I had a recent client that purchased child life insurance through us. It was important to her because her neighbor had recently buried a small child and it had costs them about $10,000 – something that, like most families, they could not afford.
Child life insurance is so inexpensive. For instance if you obtain a policy for a child when they are very young, let’s say from age 1-7, you can obtain $5,000 in coverage for about $1.99 per month. And most plans provide level premiums for life. That means when your child is 20 years old or older, they will still be able to retain this policy for only $1.99 per month. It’s not much coverage, but most plans are whole life policies that provide some cash value for the future.
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