5 Essential Things to Know About Life Insurance for Your Children
Why Life Insurance for Your Child Makes Sense
Children are fragile; they demand your extra care and attention. One of the best ways to protect your family is to purchase child life insurance.
1. Your baby's insurability is protected
A giant benefit of protecting your child with life insurance is that they're protected for life. If your little one develops a serious health condition, there's a chance that they may be denied coverage when they're older.
If you've purchased a child life insurance policy, however, they're safe, depending on the policy you purchase. If your policy covers your child into adulthood, that guarantees that they'll never be uninsured.
2. It could help you save money for the future
Worried about college expenses? Or buying a house? Many types of life insurance policies may allow your child to eventually borrow money against the value of the policy to cover college expenses. Not all policies allow this, so be sure to talk to an independent life insurance agent in your hometown to discuss your options and goals.
For many families, having an extra layer of financial protection is a great relief. Some policies can even be exchanged for a lump sum of cash (though your child would no longer be protected by the policy.) An independent insurance agent can help you find the right policy to meet your goals and protect your child.
3. Potential funeral expenses are covered
This is a devastating benefit of life insurance, and nobody wants to think about it, but if something unexpected happens to your child, they're they're covered by an insurance policy with a lump sum that can be used to cover funeral expenses or any other expenses that are needed. Most types of life insurance is not taxed, are paid out promptly and can be used for anything necessary after a loss.
When something awful happens, the last thing you will want to think about is money. With the right policy in place, you won't have to.
Protect Your Family
Life insurance for your child or children can be a great relief for your family. Think about your situation, talk to an independent insurance professional in your hometown, and you'll be able to figure out a strategy that works for you.
Your child isn't the only person who would benefit from extra insurance. The adult members of your family would as well. Read our blog and you can learn about all the ways that life insurance can help you.