Do Children Need Life Insurance

Posted by Nehal Preet on August 29th, 2022

Life insurance on children (and babies) has always seemed very controversial to most people we spoke with. After all, why would you get life insurance on a brand new person who's likeliness of dying prematurely is virtually nil? Particularly in the United States of America where people are living longer not shorter and infant mortality is at an all-time low. For that matter, why even get life insurance coverage on anyone. Aren't chances in our favor now a day? If these were not, the insurance companies would be raising rates not really lowering them (bet you didn't understand that insurance rates could ever decrease).

Then the question may not be, do children need life coverage but does anyone need life coverage? The solution is, unfortunately, still yes. And we say unfortunately because people are still dying in considerable numbers and families are increasingly being greatly impacted by, not merely the personal loss, but additionally the financial reduction that occurs whenever a loved one is certainly gone. Learn about Health Insurance India, Insurance Agent and much more related to the same.

Since we have established a financial burden still exist when a grown-up dies (if you don't then stop reading), you might now understand our reason behind taking out an insurance on a kid. Yes, losing a child (God forbid!) may not create a great financial problem on parents if they are little but when the child grows up and starts a family on his or her own, then, when this occurs their death may develop a financial burden on the own children and spouse or other dependents. If you, as a pare usuallynt of that child, you did get insurance once the child was young and when no health problems existed, then you have, essentially, protected your son or daughter's insurability. And, in case you got your child a policy that will allow him or her to multiply the coverage later in life using a special rider, you then right now have compounded their insurability benefit.

The insurability you gave your child can be priceless!

An example: Imagine that you take a 0,000 insurance policy on your 10 year old child (or sooner) and that policy included options to get more coverage by simply filling out a form - no exam needed, no medical records to order, no MIB check... Now, 15 years later, at age 25, your son or daughter discovers that he has some medical issue(s). His medial issue is manageable so everything seems fine. He gets married. He provides two kids then the spouse of one's child becomes concerned that when anything happened to them the family will be in financial troubles.

The spouse of your child sets an appointment with an agent who, after asking medical questions, tells your now grown child that he/she may only qualify for an expensive policy. Because the price is too high, your child and his/her spouse decide to do nothing. They just cannot afford any coverage! Until... your child remembers about the policy you had purchased for him/her if they were little. Taking a look at the policy, not only is it affordable but it also includes provisions to increase coverage with no medical questions. Although the total amount of insurance that the plan will provide may possibly not be exactly what your child needs, it sure beats zero insurance plan. A sigh of relief!!!

And now, being a parent, you are the hero from the family! And guess what, your child is going to do the same for his/her children. Now you're also the wise grandmother or father that keeps on arriving at the rescue of the household.

Our advice is simple. When your child is little, take as much life insurance on him or her as is allowed by insurance companies and, by all means, make certain the policy offers substitute for increase face value later on in life without the medical questions or MIB check or any checks in any way.

We hope this article will help you make wiser decisions when selecting any insurance coverage for the child. We wish you and your family extended life, health insurance and success. Feel absolve to always ask us questions.

We offer you the following senior plans:

• Term life insurance
• Senior life insurance
• No exam life insurance
• Whole life insurance
• Impaired risk and bad health LIFE INSURANCE COVERAGE
• Universal life insurance
• Mortgage life insurance
• Children life insurance
• Critical illness insurance
• General information on life insurance coverage

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Nehal Preet

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Nehal Preet
Joined: April 21st, 2020
Articles Posted: 62

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