Some parents have the impression it’s counterproductive to purchase life insurance on their child. They feel in some small way; they are suggesting something bad will happen to their child. As a parent, I can relate…. However, allow me to put another spin on that thought…
I purchased life insurance for both of my children as soon as possible, which in most cases is 18 days old. Again, not for me… it's about THEM. Today, each one of them has a policy with a locked in premium from age “0”. The goal was to purchase coverage securing the rate at the earliest age possible. You can never buy life insurance as cheap as you could have bought it yesterday. The rate for $50,000 today is less expensive than tomorrow. One birthday, one trip to the doctor, or one click of the mouse from the insurance company changes everything.
Did you know? A simple diagnosis from a doctor in the child’s medical chart could substantially change the premium or outcome for the possibility of life insurance? Or even worse, could prevent them from EVER being able to purchase life insurance for themselves.
Personally, I look at child life insurance as a gift to my child. The gift of insurability. The gift of coverage at the absolute lowest price point available. The gift of a paid up, paid for policy when they graduate high school that continues to grow (with certain plans). The gift of a paid for policy on their wedding day…. and the list keeps on going.
Regardless if you are the INSURED on the policy or the one who PURCHASED the policy for someone else… The gift of life insurance continues to give long after the intended purpose. The industry of life insurance has changed so fast, so many new options are available… look at the cell phones… remember the “bag phone” …. We’ve come a long way! Modern life insurance plans can provide extensive benefits well into your child's adolescence.
The cost of this precious gift increases by the day... When the reality of it's necessity draws near, it will be too late.
If you have any questions, comments, and /or concerns please let us know! We have dedicated professionals ready to assist you. PROTECTION is our passion.
- Candace Metz, Vice President
For more information, visit our Life & Health Insurance Page!