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What Are the Benefits of Children's Life Insurance?
- Children with insurance are guaranteed insurability later in life with term insurance. This is beneficial, especially if health problems develop later on that would prevent them from getting coverage.
- Whole life insurance gives coverage for the entire life of the child with premiums that will stay low no matter what health conditions develop.
- Policies accrue cash value over time that, if needed, can be used as an emergency fund for a child to withdraw money from or cash in.
- If a child were to die, life insurance can assist with the cost of funeral arrangements and any lost wages during this time of grieving.
- Money going into a life insurance policy for a child is like tax free savings, and if it ever needs to be borrowed against, a policy loan can be taken out which is also tax free.
Guaranteed Insurability
Low Premiums
Safety Net
Financial Protection
Tax Free Savings
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