03/04/2024
Getting Life Insurance for Your Kid?
by: Tatiana Cyrile A. Castro
My take on other people saying that insuring children is a luxury:
(1) We insure everything that has value. We insure our car, house, etc. How about our children? Are they not of greater value than the material things we insure?
(2) Untimely death is very real and costly for the family. That is why I believe that every member of the family should be insured. We are not saying we are preparing for the death of a child. We are saying that every family member is subject to untimely death that is why it is wise to get for every member. Illness and death, no matter the age of the family member, causes a significant dent in the income of the family.
(3) It is easier to apply for life insurance when you are healthy and young. We do not know when illness comes. Best to apply when you have a clean bill of health because the application process is easier. There are children at a very young age who are not approved for life insurance because of certain illnesses that are discovered. That is why for practical reasons, I highly encourage every member to be insured immediately.
Example: Autism has now been more common. Once diagnosed, it will be difficult to apply for life insurance.
What is sure, death and critical illness will be a big expense once it happens.
The cheapest solution is to get insured.
The fastest way to get approved is when you are young and healthy.
Good thing, there are life insurance plans that have savings and investment components that can grow over time to help for future goals like education and retirement.
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Nobody can claim monopoly of what they know is right and tells there followers that it is the only way. Doctors have different approaches to an illness. Same is true with different financial planners and advisors.
(This is just another angle and not the only right solution in addressing risks).
Please share this post para mabasa ng mga responsableng magulang na naghahanap ng options to consider.
Thank you for reading. God bless you.
