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Life insurance on my children? Really?
I often hear people say “I didn’t know I should have life insurance on my children.” or “Why should I have life insurance on my children?” and even “What is the best life insurance to have on children?”
This can be a very touchy subject for many. Too many people don’t want to discuss this topic, but it needs to be discussed and it should be put in place in my opinion. So, I am going to say it, even if you do not want to hear it:
You should have life insurance on your children.
There are many reasons why you should insure your children.
The first is to avoid financial hardship if the unthinkable were to happen. No one wants to think about what they would have to do if their child passed away, but the truth is, there would be expenses that could potentially devastate some families. Not only is a funeral expensive, there may be other costs as well, emergency medical care, a hospital stay, treatment, and travel expenses. No one wants to ask for a loan, wipe out their emergency fund, tap into their retirement fund or set up a GoFundMe. Imagine the additional stress these situations would add to an already devastating situation. If a low cost life insurance policy was put in place then all you have to focus on is your grief and loving on each other.
Why else should I have life insurance on my children?
Another important reason to put life insurance policies on your children when they are young is to protect them against becoming uninsurable later in life. A childhood illness, life altering accident, a head injury or disease could render your child incapable of obtaining affordable coverage or any coverage at all. Luckily, you can put a policy in place for your child with a Guaranteed Insurability Rider (GIR) which will afford them opportunities as an adult to purchase additional life insurance with their current life insurance company, without having to prove insurability again! That is huge, it would not matter what their health circumstances were at all! That is a great benefit to have.
Here’s another important point; just because your child might experiences some of these life changing events, it doesn’t mean they won’t have a fulfilling life. Your child may grow up and purchase a house, get married, have children. They would need life insurance to protect their loved ones. By putting coverage in place when your children are young with the GIR, they would be able to increase their coverage to meet their needs as an adult.
And finally, cost. You will never have coverage as inexpensive as when we are at our youngest and healthiest. Imagine putting a policy in place for your child for pennies a day, a few dollars a month, which they will carry with them for the rest of their life. That is a great gift we can give our children!
I remember going when I left my parent’s home I found out I had a life insurance policy. My parents took it out when I was a baby. As an adult I took over the payments on my life insurance policy. It was a whopping $6 a year! Imagine, I had a life insurance policy already in place that I could easily keep paying. That was a great start to my life insurance journey.
There truly are many good reasons to have a life insurance policy on your child. I hope reading this helped you realize that. Life insurance is not about profiting off of the death of a loved one, it is about financial security. If you have children and you have not put life insurance in place for them yet, let’s talk. I love helping people with their life insurance coverage and I understand it can be difficult. I promise to make it easy and simple.
Fill out the contact sheet on my website today and let’s set up an appointment.