03/31/2020
There are so many reasons why you should consider whole life insurance for your children and grandchildren. The most important in my opinion is guaranteed insurability. I see families struggle to get insurance for their kids in their late teens and twenties all the time. If anything in their health has changed or they have gotten too many speeding tickets or run into any other trouble it can become very expensive or even impossible.
I was able to get my son $50,000 whole life insurance for only $16 a month with Mutual of Omaha and would love to help you with your family's needs. I know Connor will be so grateful that his mother took the time to protect his future needs. Please message me, comment or give me a call 478.461.3305.
1. Your Children Will Always Be Insured
One of the primary benefits of having a life insurance policy for children is that they will always be covered regardless of their future health. Verify with any life insurance company that the policy type you will be buying states that your child will never be denied life insurance no matter what medical problems he faces throughout his life. Get it in writing.
There are several factors that can affect your children's future insurability. High blood pressure, diabetes, obesity and cancer are just a few of the many health complications that can prevent your child from being insured down the road. With a policy that guarantees he will always be insured, he'll be covered when he's 70, regardless of his health.
2. You Get Peace of Mind
Every parent plan to outlive their children. If the unthinkable happened to your child, you would have one less thing to worry about during such a difficult time with a life insurance policy for him. That policy would cover the expenses of a funeral, which could run into the thousands if you had to pay for these costs on your own.
Life insurance for children can bring you the peace of mind you need. A life insurance policy valued at $10,000 to $15,000 would more than cover funeral costs should tragedy strike.
3. The Policy Can Build a Cash Value
A whole life insurance policy for children can earn cash value. By the time your kids are 18, that cash value has built itself into a little nest egg. Your child can use the money to buy a car or borrow off of the policy to help pay for college.
If you opt for a whole life insurance policy for your children, ask if there are penalties for early withdrawals before a certain age. Building cash value shouldn't be the main reason you buy a life insurance policy for your children, but the right policy can include a financial perk.
4. Small Policies are Affordable
Because you will be buying life insurance for a child, you won't require a million-dollar policy. Anywhere from $5,000 to $15,000 is a good starting point for a children's life insurance policy.
With such low policy amounts, the costs are relatively inexpensive. You can typically find these policies for $5 to $16 a month.
