Should You Get Life Insurance for Your Children?

By John Scott Team Archive, Personal Comments Off on Should You Get Life Insurance for Your Children?

life insurance for your kids

Do you need a children’s life insurance policy?

Most financial advisors prioritize having an emergency fund and saving for your child’s education over a children’s life insurance policy.

Here are some of the things you should consider before choosing to invest in children’s life insurance.

It Pays for Funeral Costs

If your child were to die unexpectedly, this tragedy would leave your life in shambles. You don’t want to worry about how you are going to pay for the burial and funeral. If your child had a life insurance policy, their death benefit would likely take care of this cost.

That being said, the odds of a child dying are very slim. With modern medicine and parental education resources readily available, children are healthier and hardier than ever.

A better use of your money would be to stash it into an emergency fund. Then you could access this extra capital to help pay for emergency medical expenses or other types of crises.

It Helps Them Qualify for Life Insurance Later in Life

If your child develops a medical condition, it can be difficult for them to secure life insurance later on.

By securing life insurance now, you ensure your child has some coverage and an increased chance of securing additional coverage.

Even with this sentiment in mind, the vast majority of twenty and thirty-somethings do not have any trouble securing life insurance.

If you have a life insurance policy from when you were a child, it limits the amount of coverage you can purchase later on.

Generally, your coverage amounts are limited to a multiple of your original policy amount. Oftentimes, this total is too small to provide the comprehensive life insurance that you need.

Do you have additional questions regarding your life insurance protections? Don’t hesitate to contact the experts at John Scott Insurance. We are ready to assist you with all your personal coverage needs today.

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