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life insurance for children

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Should I Get Life Insurance for My Child?

Buying Life Insurance for Children Most of the time, life insurance is to replace the earning power of a family breadwinner. Life insurance allows dependents to continue living comfortably in the event of a death. In almost all cases, children are the dependents, not the depended-upon. So, what is the point of life insurance for children if it isn’t to replace money for the household?  Generally, people recommend life insurance for children for four primary reasons: As a savings account. To protect the child’s later insurability. To pay for potential funeral expenses. To provide financial stability for parents in the loss of a child. While life insurance policies for children are generally inexpensive, SelectQuote encourages parents to weigh the options. Life Insurance for Children: Pros and Cons Most child life insurance policies are permanent, whole life policies, which include a savings account component (called cash value) that grows slowly over…

The Cost of Saying Goodbye – Life Insurance for Your Child

smal hand and a big handWe tend to associate life insurance purchases with adults because they tend to have individuals that financially rely on them. We stress the importance of all individuals purchasing life insurance, especially when they are financially responsible for others. As a parent, you have strategically planned out the finances that are necessary in order to support your child. You have included various expenses ranging from health care and tuition to food and clothing. If you have planned far ahead, you have updated your life insurance coverage so that in the case of your death, your child will be taken care of financially. What we tend to not plan ahead for is the opposite: the death of a child. This somewhat morbid topic is difficult to discuss but it is extremely important for several reasons.

As we grow older,