There are many reasons for adults to get life insurance, especially for income protection. We’ve heard it’s important, but most of us have never considered it for our children. Let’s explore some of the benefits of life insurance for young kids.
While children don’t contribute to the household income, a permanent life insurance policy can have financial benefits, as your child grows older. You can borrow from the cash value of the policy to pay for things like weddings, buying a first home, or buying a car. As long as you repay the money, the policy keeps its death benefit while offering you the opportunity to help pay for huge expenses your child may face as a young adult.
Continued Coverage With Health Changes
Another obvious benefit of life insurance for children is coverage. Getting life insurance young ensures a child is protected from the start, before any major health issues have a chance to develop that could prevent qualification in the future. They may even be eligible to expand their coverage at a guaranteed rate once they’re older, and because they already have a policy in place, they’ll be automatically accepted and won’t be subjected to health screenings or examinations to determine eligibility.
Protection & Provision For Family
Finally, no one wants to think about the worst-case scenario, but if a tragedy does occur, a child’s life insurance coverage will enable his or her family to cover funeral expenses, take time off work to work through grief, and care for their other children.
Talk To Your Insurance Agent Today
A life insurance policy for a child is a very affordable expense that has great worth for your family. Many people don’t realize the value of taking out a policy for their young child and miss out on the financial benefits it offers. If you’d like to find out more, give your insurance agent a call or stop by the office today. Your agent will provide you with everything you need to know. Don’t miss out on the benefits this decision will have for your child and family; get in touch with us today!