There is a great debate over whether children need life insurance or not. Some are quick to say that you absolutely do not need it, but if you really explore the topic, you will quickly find that there are very good reasons why you should be getting a life insurance comparison immediately. Contrary to what you are probably being told, you really do need it! This is very valuable information you should also be sharing with other family members and friends that are parents as well.
No one wants to even think about having to plan a funeral for their child, which is why it is so hard for most to sit down and actually request life insurance quotes online. After all, your children are supposed to outlive you. Unfortunately, life doesn’t always work this way, and funerals are expensive! The last thing you want while grieving is to have to also stress over coming up with the money for a funeral. Even a policy valued at $15,000 would at least over these expenses, and offer peace-of-mind.
Every day, people of all ages call for life insurance rates only to be turned down because of health reasons. By insuring your child from a young age, they can hold that same policy as they age so they will always be covered. You can’t predict the health of your child a day from now, so you certainly cannot look 10, 20, 50 or 70 years into the future either.
If you haven’t done a life insurance comparison yet for your child, you will be in for a pleasant surprise. It is extremely affordable to start a policy for your child. You don’t need anything extravagant, so a small amount that will cover funeral expenses and possibly any medical bills is sufficient. You can find them for $10 a month or lower, which is a small price to pay for what you are getting.
Gas, housing, utilities, food and the cost of living in general continues to rise, so it only makes sense that life insurance rates suffer inflation as well. When you start a policy for your child, you can lock that rate in so that will be all they pay for life. Can you just imagine what a $10/month policy will cost 50 years from now? This is one of those things your child will greatly appreciate when they reach adulthood. The most important thing to keep in mind is that you cannot allow the policy to lapse because they offer the opportunity for the policy provider to increase the rate.
Always make sure that you thoroughly read through the policy, as not all of them lock the rates in. This would be rather disappointing to find out after. Ask a lot of questions, especially if you don’t understand something.
Most parents are unfamiliar with the financial perks that come with whole life policies. While doing a life insurance comparison you may immediately dismiss the more costly rate, but you really need to take the time to explore deeper into the policy to see what it offers.
These types of policies can actually earn cash value! Wouldn’t it be nice to give your child a nice little nest egg when they turn 18 to pay off student loans, put a down payment on a house or buy a car with? Whole life insurance policies may cost a little more, but if you are concerned about financial help for them in the future, this may be the best way to go.
Life insurance for children is not a popular purchase, but it should be. You may even be able to tack it onto your own policy for a very small amount. Bottom line is that it is one of those things in life that you really can’t appreciate until you need it, and you don’t want to have to wish you had it.
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