Why the heck do children need life insurance? While they may do chores from time to time, they don’t produce income. In fact, we could argue that our little ones are more of a financial strain than anything. So, why do children need life insurance?
The fact is they are going to need it someday. By obtaining a life insurance program on children at an early age, we’re able to lock in the lowest possible premium that will never increase for the rest of their life. They will thank you one day when they take over the premium payments.
In addition, we are protecting their insurability. No matter what health challenges life throws at them in the future, we can make sure they have life insurance for the rest of their lives while they are young and healthy. Our Guaranteed Insurability Option will also allow them to purchase additional insurance incrementally in the future without providing evidence of insurability.
Generally, parents want their children’s lives to be better than their own. That’s why we sacrifice so much for them. With our Participating Whole Life Insurance, we can set them down the right path towards financial independence. Not only do they receive a guaranteed cash value that can be used during their lifetime, but they will also be eligible to receive dividends that will increase the value of their policy. There are not many things in this life where the value increases, but the premium stays the same.
Fail to plan or plan to fail? We never want to think about losing a child, but unfortunately it does happen. If the unfortunate does happen, life insurance can buy us time. Time to grieve the way we need to and time to get things back in order.