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What You Need to Know About Buying Life Insurance for Grandkids

Becoming a grandparent is an experience like no other. Grandparents are often eager to shower the newest apple of their eye with gifts. More than toys and clothes, grandparents can choose to gift whole life insurance to their grandchildren. It is the gift offering peace of mind and financial benefits throughout the child’s life. What Is Whole Life Insurance? Whole life insurance is a type of permanent life insurance that protects the individual for his or her entire life. As long as the premiums are paid, coverage continues. While the coverage amounts and premiums for whole life insurance can vary based on the insurer, all whole life insurance policies allow a savings amount to accumulate over time. The Rules for Grandparents As extended caregivers, grandparents are eligible to purchase whole life insurance for their grandchildren. The insurance can be purchased in the child’s name, which means when the child reaches…