Why Buy Life Insurance On A Child or Grandchild?
As a parent you probably get a lot of offers to buy life insurance on a child or grandchild. However, like many people, you really do not see a good reason to buy life insurance for a person that young. Hopefully, they will live a long life, and right now they do not have the responsibility of other people to support.
However, if you buy a permanent life insurane policy on a child, it will lock them in at a very low rate for the rest of their life. In fact, it would even make sense to buy a policy that can be paid up over a period of 10 or 20 years, and give them the gift of paid up life insurance. Many life insurance companies will also offer a guarantee of an ability to purchase more life insurance at various times without having to show any evidence of insurability. In other words, if the child should develop a health problem later, they will be able to purchase life insurance at a standard rate without going through an underwriting process.
Third, if permanent life insurance is started early, there is a good chance they will build up a cash value ot help your children fund their college education or other plans in the future.
Find No Medical Exam Life Insurance Now! Compare Life Insurance Plans for the Best Rates.
0 Responses to “Why Buy Life Insurance On A Child”