07/13/2022
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Parents with KIDS…The best gift you could give them would be a whole life insurance policy. Why?
1. Cash Value :
What is Cash Value?
Cash value works like this: each time you make a monthly premium payment for your policy a small amount of money. Over time, this becomes the cash value of your policy. It represents how much your policy is worth at any given point in time. You can watch the amount grow, just like your child.
Both children’s whole life insurance and adult whole life insurance policies can offer a cash value component. So why get a policy while your child is still young?
The answer is simple: You have time on your side. The longer you own the policy and make all the premium payments, the more cash value that the policy accumulates. By the time your child is an adult and becomes the policy owner, you’ll already have built a nest egg – which your child can continue to grow.
2. Level Premiums -
One of the biggest factors that affect the cost of life insurance is age. So, the sooner you get life insurance for your child, the smaller the locked-in lifetime monthly premium. Once you buy a policy, the rate never goes up for you or, afterward, for your adult child, as long as premiums are paid.
3. Value :
Once your kid turns 21 they now become the policy owner with a already accumulated cash value they can borrow from if they choose to do so. Also they have the option to purchase additional coverage should they want to, at the standard adult premium rates for their age at that time. Their acceptance is guaranteed, regardless of health or occupation or anything else.
