Why should i buy life insurance for my child?

Why should i buy life insurance for my child?

Not a moment goes by when parents aren’t worrying about their children. Is he the appropriate height and weight for his age? Does she get along with other kids? Will they ever eat their vegetables?

While we don’t have the answers to those questions, we do have answers to all of your life insurance questions. Check out the common concerns we hear from parents like you, and how a children’s whole life insurance policy can help ease your mind.

Parent Concern #1: My child won’t qualify for life insurance as an adult.


Adults with health issues can often be denied life insurance coverage. That’s why it’s a good idea to purchase a whole life insurance policy for your child while he or she is young. If your child develops a medical condition or poor health later, your child won’t lose the coverage obtained as a kid. It’s a great way to ensure a lifetime of financial security for your child, who will definitely thank you for that later.

Parent Concern #2: My child won’t be able to afford life insurance as an adult.


Life insurance premiums are the amount of money you pay each month for your insurance policy. They’re based on your child’s age and health when you apply. So what better time to buy whole life insurance than when your child is young and healthy? Lock in affordable rates now, and then your child can keep the policy as an adult with the exact same monthly payment.

Parent Concern #3: How can I help my child financially in the future?


Here’s an important benefit of whole life insurance that every parent should know:  This kind of policy builds “cash value” over time. This is money that’s set aside with each monthly premium payment made. The longer you own the policy, the more cash value the policy accumulates. It’s like a small nest egg for the future.

During age 18, your child’s coverage amount doubles at no extra cost. He or she will have even better protection for adult life while still paying the same childhood premium. When your child turns age 21, your child will have two options: Keep the policy and have coverage for life, or turn in the policy and get the available cash value in return.

Should you encounter any financial difficulties while your child is growing up, it’s good to know that you can borrow against the policy’s available cash value as long as all premiums are paid (policy loan interest rate is 8%). The option to borrow against your cash value is always there for you, in case of an emergency.

Parent Concern #4: Life is uncertain


Life is unpredictable. Children’s whole life insuranceprovides greater peace of mind, knowing that you’ll have financial protection should the unthinkable occur.

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