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Life insurance can be beneficial for
your children
As a parent, you worry—about your children’s health, being able to afford
what they need and about what the future holds for them. You want to do what you can today
to help smooth the way for your children tomorrow. Life insurance for your children will
help ease your mind on one important worry: whether your children will be able to purchase
life insurance when they’re adults, when their responsibilities make life insurance
vital.
You can protect your children in one of two ways:
Add them to your existing life insurance policy. Coverage can be provided
through a child’s rider, typically with a value anywhere from $5,000 to $20,000.
Children as young as 15 days are eligible for coverage. At age 25, your child can often
convert the rider to a permanent individual policy for up to five times the rider’s
coverage. This means a child covered for $5,000 is guaranteed a $25,000 policy of his or
her own at age 25—without answering any medical questions.
Purchase individual policies for your children. Your children can be covered
under permanent policies in their own names. The cost is low because of your child’s age, and the cash value accumulation in
the universal life plan can mean extra funds for college. And no matter what medical
problems surface, your child is guaranteed coverage, as long as you keep up with the
premiums.
You can’t predict what the future holds for your children, but you can help
eliminate some uncertainty by contacting your independent insurance agent today to discuss
a life insurance plan for your offspring.
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