Life Insurance for Children: 5 Things You Need to Know

To celebrate Life Insurance Awareness Month, we wanted to take the time to explain what you need to know about life insurance for children. Most discussions about life insurance policies focus on adults, but we often forget that it is a good idea to insure our children as well. In fact, having a permanent life insurance policy for your children can give them financial advantages later in life. Below, we explain 5 things that you need to know about getting life insurance for your children.

#1: Life Insurance Policies Also “Grow Up”

One reason to invest in a life insurance policy for your children is that it ensures they have coverage from an early age, and as they grow up, they might be eligible for riders that will let them expand their coverage at a guaranteed rate without being questioned about their health status. Everyone’s health changes overtime, but having a policy in place early in your child’s life will help them get the coverage they need, even if they experience major changes to their health.

#2: Gives Your Children a Solid Foundation

Young adults who are first starting out on their own face many major expenses, such as down payments for vehicles, weddings, and purchasing their first home. Your children can borrow the cash value of these expenses from their life insurance policy. However, doing this will reduce or eliminate their death benefit if they do not repay what they borrowed.

#3: You Can Add Your Children to Your Policy

If you aren’t sure that getting your children their own life insurance policy is right for you, then check with your insurance company to find out if they can be added to your life insurance policy at an affordable rate.

#4: Get Multiple Quotes

When looking for life insurance for your children, don’t just pick the first policy you come across. Spend some time comparing prices between companies and speak to a professional insurance administrator to get answers to any questions you might have. They can help you navigate the process and explain what options are available for you.

#5: Your Children Need a Safety Net

Although the best part of having children is watching them grow up happy and healthy, emergencies and accidents happen, which is why it is crucial to have a strong life insurance policy that can help you cover any funeral and medical expenses that might arise.

We Can Help You Choose the Right Policy

Are you interested in taking out a life insurance policy for your children? Don’t know where to start? Our friendly team of professional insurance administrators are here to guide you through the process and can answer all of your questions. We are committed to helping families obtain the coverage they need to secure their future. Let us get to work for you today.