Why do people buy Children’s Life insurance? Author:    Posted under: Life InsuranceLife Insurance questions answeredLife Insurance Types


Life insurance is the purchase of life policies to ensure that the future of the dependents of the insured is secured after their death. So what is the reason for children’s life insurance?  Unless your child turns out to be the next big thing in the movie screens or the next Ludwig van Beethoven and becomes the family’s top earner at his or her early years, most people don’t really feel the need to get one for their children. Through the years, children’s life insurance has never been a popular purchase. For some people, it’s an outdated product that has been replaced by many saving tools that are much more effective like that of a 529 plan.

People have mixed feelings about such insurance and a lot are in argument that purchasing life insurance for children is a waste of money, not to mention that since the purpose of insurance is to substitute a wage-earner’s income, it is then essentially wrong to purchase insurance on someone who doesn’t have a job. On the other hand, some say that it is a low-cost way to prepare and set money aside for the child’s future to make sure that the young policy holder will have money in the future and have insurance as an adult. Some people even use guilt as a line to sell the policy making people “feel” better parents for having to buy them even if they don’t really see the immediate need for it.

Should you, after considering the pros and cons, feel the real need to buy insurance for your child (especially if you can afford them), it is always better to buy it for your kids in their infancy stage, this is upon securing that they are in good physical condition. In this stage most people feel that it is the best time to buy a child a policy to be sure that their child is insured and protected even if their physical condition changes. Also, the child’s life insurance policies will accumulate a cash value that parents can use for college expense of their child.

A number of insurance companies also guarantee extra insurance policy for the child upon reaching a certain age. Most of them offer added policies even without undergoing medical assessment. If the child faces health problems, making insurance prices higher or even unavailable, the main benefit would be that the child would still have the insurance coverage made available to him or her. Some of these are useful for college expenses in the future or having premium stay level, cash value accrues and even permanent protection offers depending on the insurance policy that individuals opted for.

In conclusion, most people purchase life policies for their children in order to ensure protection against future expenses. People can be assured that their children are generally covered under any degenerative diseases, which if acquired, may very well have serious consequence on them later. They can also use this life insurance amount for their college expenses, higher studies, or even overseas education.

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