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Life Insurance for Children

Insurance is simply preparation for the direct and indirect expenses of a future event. That is why many parents view taking out a child life insurance policy as too morbid to consider. However, there are several reasons why the subject of child life insurance should not be considered taboo in your family.

Whole Life Insurance for Children

Although most companies offer term child life insurance, which has small premiums and does not build cash, there are companies in the US that provide whole life insurance for children. If your insurance company can offer you a policy that does not expire when your child grows up, you can get the following benefits:

  • Whole child life insurance allows them to get insurance at low premiums. Since premiums are guaranteed to stay at the same low rate for the rest of their lives, you give your child protection against the high premiums he or she would have to pay when life insurance is purchased during adulthood.
  • Life insurance for children creates a financial safety net for them. Child life insurance can build substantial cash value over time. Your child will have the option to borrow against their policy, or cash it in if a future need should arise.
  • Life insurance for children protects them against the added cost of changes in their health. Your child will probably take out a life insurance policy during adulthood–for which already higher premiums may be compounded by illness or sickness.
  • Life insurance for children gives them benefits that can never be reduced or cancelled. Whatever health issues occur in your child's adult life, his or her child life insurance policy cannot be reduced or cancelled.

Term Life Insurance for Children

Even term child life insurance has its benefits. For example, it ensures future eligibility, which may be important if your family has a history of illness. If you take out an insurance policy on your child, he or she becomes automatically eligible for any type of insurance later in life.

Child Life Insurance Can Save Your Family

One of the main reasons why getting life insurance for children is a good decision is one that families often fail to accept – the death of a child. A child's death can be emotionally devastating, both to the parents and to the remaining children. It can be financially devastating too. Moreover, studies show that the possibility of dysfunction and divorce are high in a family that has suffered the loss of a child.

The family needs time to grieve and having a financial cushion can be a good way to buy time without depriving the family of the benefits of an income. Child life insurance can also pay for professional help and counseling for the family.


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