Life Insurance for Kids

Recently, insurance companies have started to offer life insurance policies for children. Although losing your children is the worst thought possible for parents, some parents choose life insurance because of fear that they will have to someday incur thousands of dollars in funeral expenses. It is a horrible thought, but some people need the protection from such expenses.

Why Should You Get Life Insurance for Your Children?

One good reason to get life insurance for your child is to get them into a plan while their young and healthy. If they come down with an ailment or illness later in their life they will be forced to pay very high prices for insurance. Also, they may even be denied by many insurers because they will cost the company too much money. By locking your child in at an early age they will be more likely to receive the care they need at a more affordable price even if they have an illness.

Why Shouldn’t You Get Life Insurance for Your Children?

The purpose of life insurance is to protect the dependents of the deceased. This means that the children or husband or wife will be financially protected in case of death. It is extremely important to take out life insurance policies for yourself so you are able to help your loved ones in case you pass away. Life insurance for children is just an unnecessary expense for most people so you shouldn’t feel pressured by your life insurance agent.

If you are still interested in life insurance for your children you should first consult your life insurance agent to see if you can get them on a plan through your company. If you are not able to do that, there are many other companies that offer life insurance plans for children. The best option is to get the lowest plan possible so you will not have to pay a high yearly cost, but you will still have the advantage of low funeral costs if something does happen.

It is important to make sure that you and your spouse both feel comfortable having a life insurance policy for your children. As expected, it is an extremely sensitive subject due to its nature. Remember that life insurance policies for children are not necessary unless you feel that you will not, in any way, be able to pay for a funeral if something happens. An alternative for this is putting money in an emergency fund to save for a tragedy. This way you don’t have to have a policy but you can still have money to put away if something bad happens to someone in your family.

Additional Resources:

• Life Insurance FAQs
• Insurance Fraud and Abuse