Why Life Insurance for a Child (or Grandchild) Is a Good Idea
Why Life Insurance for a Child (or Grandchild) Is a Good Idea
If there has recently been a baby or grandchild added to your family it can be a reminder of just how fast time passes. This is particularly true for grandparents who have seen their own children grow far too quickly. Days soon become months, months turn into years and, well, it goes on and on.
So why should this inspire you to buy life insurance for a child or grandchild? It is because it is a time to remind ourselves the future will be here before you know it. It is time to consider how life insurance can play an important part in the future of that child.
Let’s start with the fact that it will never be cheaper to buy life insurance than when a child is a baby. In fact, depending on the type of insurance that is purchased, the premium can be locked in at the child’s current age for the rest of their life.
Buying life insurance on a healthy baby also insures that no matter what health issues may lie ahead for that child, life insurance coverage is guaranteed. As long as premiums are maintained, coverage of a whole life policy will remain intact.
Perhaps one of the best reasons to purchase life insurance on a child is that your independent insurance agent can help you choose a policy that will grow in value as the years pass. A whole life or permanent insurance policy can build value over time. Depending on the amount and type of policy, this can be significant. Most importantly, aย life insurance policy purchased on a young healthy baby guarantees coverage for them in the event they become uninsurable as they get older. It can help them purchase their first car, help pay for college or even contribute to wedding expenses. If a policy is maintained through their life, it can become a foundational piece of their retirement plan. It can all start with a call to your independent insurance agent.
Toys will be bought, used, broken or sold. Clothes will be outgrown, passed along or given away. Money can go into and out of a savings account. A life insurance policy that builds equity, however, will stand the test of time, time that is unstoppable.
If you are a recent parent or grandparent, we encourage you to contact us to discuss the options available for your child or grandchild. A decision today can make a remarkable difference in a future that will be here all too soon.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Beyond the Funeral: 9 Reasons Why You Need More Life Insurance Than You Think
Life Insurance: Not Just for Buryin’! Unexpected Costs You Never Knew Were Covered
Life Insurance Myths Busted: Unveiling the Simple Truths Behind Financial Security
Considering life insurance but confused by the myths? We clear the air on common misconceptions and show you how to get simple, affordable coverage.
The Farewell Financial: Planning a Peaceful Goodbye
Beyond Goodbyes: A Guide to Navigating Funeral Costs and Life Insurance
Why Life Insurance Matters for Businesses
Death and the Business Owner: How Life Insurance Can Secure Your Legacy
Beyond the Grave: Burial Insurance vs. Life Insurance Explained
Don’t Be Buried by Confusion: Understanding Burial and Life Insurance
From Bronze Age to Boomers: How Life Expectancy Went From Meh to Magnificent
How Long Will You Live? A Look at Life Expectancy Throughout History (and Why You Might Need Life Insurance)
Beyond “My Beloved Spouse”: A Guide to Choosing Your Life Insurance Beneficiary
The Beneficiary Bunch: Understanding Your Options
Life on the Edge? How Your Hobbies Can Affect Your Life Insurance Rates
Beyond the Premium: Unveiling the Unexpected Links Between Hobbies and Life Insurance
Unveiling the Different Players (and Why We’re Your Guide!)
Insurance Companies: Not All Created Equal! Find Your Perfect Match with Our Help
Cracking the Code: Cash Value, Loan Value, Surrender Value – It’s All in the Life Insurance Policy!
Beyond the Death Benefit: Unlocking the Hidden Gems of Your Life Insurance Policy