We all know how important it is to have life insurance, but it’s a much more emotional decision to make when it comes to children, especially if they’re young. Here are some factors to help you decide.
The number one reason for taking out life insurance is to compensate for the loss of income a death in the family would entail. Obviously, young children don’t have any income to speak of. But if they were to die, you would surely need to take some time to grieve and come to terms with the shock.
The amount of children’s life insurance you receive could enable you to:
- Take time off work to grieve without having to worry about your finances
- Cover the funeral costs, which could be as high as $10,000
Guarantee your children’s insurability
By insuring your children from an early age when they are in good health, you’re giving them protection that will stay with them for life. This can be a huge advantage for your children, especially if their health declines. For instance, a child diagnosed with a critical illness that would rule out the chances of getting insurance in adulthood could fall back on the life insurance you had the foresight to pay up when he or she was young.
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The advantages of insuring children
- Premiums are lower due to children’s young age and good health
- Your children could enjoy life insurance they won’t have to pay for all their lives
- Also, their insurability will be guaranteed if they decide to keep their insurance when they are adults
- Some insurance policies allow you to add critical illness coverage
- If your child were to die, you would have financial protection that would enable you to take the time you need