Sep
26
2007
Advantages and disadvantages of child life insurance
Author: Byron UdellThere are advantages and disadvantages to everything. And there has always been a debate on whether or not child life insurance was a good thing. I wanted to provide my readers with the facts. Only you can decide what’s best for your family.
Disadvantages
- Your child may need a medical exam
- They probably won’t use it
- Most young adults can get coverage later
- Insurance premiums may actually drop as your child ages
- Kids don’t pose a financial loss
- Your group life insurance may already cover them
Advantages
- They can convert to another policy when they’re 21
- They can continue their current coverage into adulthood
- They can lock in a low premium rate
- They may become uninsurable later
October 2nd, 2007 at 7:00 pm
Life insurance for children is a tough question to manage. The only real overwhelming advantage that I can see on the list would be if a child became uninsurable later. That would lead to it being worthwhile, certainly, but it has to be a fairly rare occurence, I would think… and a tough sell from a marketing standpoint, anyway. Thanks for the breakdown of both sides of the issue!
Jerry
http://www.leads4insurance.com