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Child Life Insurance

Should You Own Life Insurance on Your Children?

The unexpected death of a child may be the most devastating event imaginable. No one likes to think about this topic, but sometimes the unthinkable happens. How would you handle this scenario: Would you be able to pay for a funeral, burial, etc., out of pocket? What about outstanding medical bills? How much time will you need to take off from work? Could you afford to miss all of those paychecks?

As difficult as the experience would be, a life insurance policy on your child can make it a little easier by providing the funds to cover these and other expenses.

Child Whole Life insurance policies can also be designed to do much more than just provide a death benefit.

You can see why so many people buy them for their kids and grandkids!

Benefits of Child Life Insurance

Cash Value

Like a traditional Whole Life Insurance policy, a Child Life policy also builds cash value, and can be accessed in the future for expenses like school tuition, buying a new house, a vehicle, etc. In short, this type of policy provides a ready source of liquidity to use as you see fit, and the cash value grows as your child grows up. Over time the cash value can even exceed the face value.

[Note: Pulling cash from a Whole Life policy will reduce both the total cash value and face value, until the funds are replaced with interest.]

Rates and Coverage Remain the Same

Premiums can be designed to remain level for life. They can also be paid over a shorter period of time, such as 10 years (like the example from the video above) or even a single premium for a lifetime of guaranteed coverage.

Locking in Future Insurability

You can’t predict the future. Your child could suffer from a chronic illness or develop a disability at a later stage in life, making it difficult to get life insurance when they’d need it the most. Buying the right policy now, one that includes a Guaranteed Insurability Option (GIO) to increase coverage later with no health questions, will guarantee your child the ability to buy the coverage they need, even if their health would otherwise make it difficult or unavailable.

No Medical Exam Necessary

Children are generally not required to go through the exam process like adults do. Just answer a few questions and you can often obtain a child life policy much quicker than other types of life insurance. Talk about being hassle-free!

Affordable

Child Life Insurance is affordable, too. The premium for these policies are much lower than those for an adult, so buying early makes sense.

If you have any questions, or if you want to get a free customized quote for your children, or grandchildren, give us a call TODAY, at 800-442-9899 or click below.

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