Jul 23
Why you should consider buying child life insurance
Life throws us many curveballs, and although buying life insurance for your child or grandchild may seem a bit morose, it’s something that some experts suggest you consider.
I believe that buying life insurance for your child is a personal decision. I am neither for nor against it. However, I urge you to consider the reasons below that some experts list for buying child life insurance.
Guaranteed life insurance for the future – If life insurance is purchased at a young age, it almost always guarantees that the child will be eligible to receive more life insurance coverage later in life, without undergoing a health exam. If the child does not have life insurance coverage now and develops a chronic illness later in life, they are at risk of being labeled “uninsurable” by life insurance companies and unable to protect their future families. However keep in mind that most children will not develop a chronic illness that would cause them to be uninsurable by the age of 25.
Affordability – Life insurance for children is extremely affordable, and although you will be paying premiums for a longer period of time, the overall payments during the child’s lifetime will be much lower. And, most children are healthy, which means they usually don’t have to take a health exam.
Build cash value for the future – A permanent life insurance policy allows you to build cash value for the future. By purchasing this type of life insurance for your child now, you have more time to build that cash value, which can help pay for your child’s expenses down the road, such as college tuition or a down payment on a house.
If your child doesn’t have life insurance now, consider their future needs today by getting free life insurance quotes online.
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July 27th, 2009 at 11:48 am
Byron, I agree with the benefits you mention about buying life insurance for your child.
In addition, child life insurance plans may offer your child the option of increasing their life insurance coverage when they become adults. That means even more guaranteed protection in case they need it in the future, for instance, if they have a family of their own.