Nearly every insurance company has a life insurance marketing strategy for children. Websites, pamphlets, and sales training have been designed to convince parents to buy life insurance on their kids. But, the thought of a child passing away can send shudders down your spine.
If we step back for just a moment, however, there are a few cases to be made why you should consider buying a policy on your son or daughter.
Case #1 – Insurability
As parents, we dream of our children growing up, marrying, and having children (our grandchildren). However, there are certain medical conditions which may prevent your son or daughter from buying their own insurance later in life or make life insurance unaffordable. By buying a policy during their youth, you are guaranteeing their ability to provide financial protection for their family when the time comes.
Case #2 – Financial Protection
There are some medical conditions which can develop early in life which, unfortunately, may reduce your child’s life expectancy. Such circumstances are truly heartbreaking. If the time should ever come where your child predeceases you, the last thing you want to worry about is the financial burdens of unpaid medical bills and final expenses. Purchasing life insurance early provides you, as the parent, financial protection for the unthinkable.
Case #3 – Discounts
Thinking about anything other than a long, healthy life for your child may not be possible for some parents. And understandably so. Luckily, there are many insurance policies which will provide a discount if you purchase a life insurance policy. Because the premiums are so low for life insurance placed on a child, very often the savings on a home or automobile policy will be more than the insurance policy itself. A win-win for you and your child!
If you are considering life insurance for your son or daughter, contact my office. I will gladly review all of your options and if any discounts may be available on your current coverage.