Have you ever seen the TV commercials from Gerber, the baby food company, selling kids life insurance? You may wonder why a baby food company is selling child life insurance and why someone so young would they need it? After all, the chances of a child passing away are low compared to an older adult. And even if such an unfortunate event should happen, who would receive the death benefit and for what? There are scenarios when life insurance for children would be a good idea. Read on to learn more about them and learn more about the best life insurance for kids.
Should you buy life insurance for children?
Death is an uncomfortable topic to discuss, especially the death of a child. But it’s necessary to discuss this matter to get a better understanding. If you’re wondering if child life insurance is worth buying, think about how expensive burial costs are. The average cost of a funeral is between $6,000 and $7,000. In contrast, a kids life insurance policy with a death benefit of $10,000 costs roughly $6.50 per month.
Why you should buy life insurance for children
The chances you’d outlive your child or grandchild are extremely low. Nevertheless, there are reasons why you would want to buy a kids life insurance policy. According to insurance expert, Laura Adams, “The purpose of having different types of insurance is to reduce financial risk and give you peace of mind. When it comes to life insurance for children, there are pros and cons parents should consider.” Take a look at when life insurance for children is ideal.
If your child suffers from a life-threatening illness
Life insurance for children is a good idea if your child suffers from a debilitating or chronic illness. Larger amounts of life insurance would require a medical exam, but you could buy insurance for smaller amounts to cover burial costs, for example, without the child having to undergo a health check.
If your family is genetically predisposed to certain conditions
If you’re concerned that your child may inherit a genetic or medical condition, buying life insurance for your child before the condition becomes chronic or life-threatening could lock in future life insurance when the child becomes an adult….Read More>>