There are several important reasons to consider purchasing life insurance for children. Affordable premium rates, protecting an individual’s insurability and accumulating cash value as a savings tool are a few of the most significant.
First, premium rates for children are typically low due to their age and good health. If you purchase life insurance for a child now, you can lock her into those low premium rates for an entire lifetime. So when that child is 80 years old, she can still be paying premiums established in youth.
Next, children are likely to be in good health and that means they are insurable. We all know life throws a lot of curve balls our way and sometimes those challenges come in the way of health. If an individual develops some challenging health condition like cancer or diabetes, she may become uninsurable. That means she might not qualify for insurance, or it could become so expensive it would be difficult to purchase.
Buying life insurance for a child, when she is in good health, protects insurability. It guarantees coverage will be there regardless of future health challenges.
Finally, the cash value feature of permanent life insurance is a great reason to consider starting a policy for children. The accumulation of cash value in a permanent life insurance contract provides a source of savings that can be used by the child later in life. Some common examples include college education and first homes.
Purchasing life insurance for a child provides much more than a death benefit. It gives a child the gift of affordable insurance that will be there when she needs it, and even some funds for emergencies or new experiences in life. All this is available at an affordable cost and is the definition of value.
Please call us today to learn more about how to get your children protected.