Children’s Planning
The birth of a child is one of the most important events in one’s life – other than the celebration; it brings maturity and responsibility to the parents. When your child or grandchild was born, you probably made a promise that you would always be there to protect them. That’s why we don’t think of children’s life insurance as just another financial product. It’s an investment in their future. A lifelong line of defense. A starting point for their financial path. To help protect your child or grandchild’s future, you can consider life insurance.
Take charge and start planning for their financial future TODAY.
A children’s Whole Life or Universal Life insurance policy can be used to:
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Help Save for College or Retirement
By designing the proper policy there will be cash value that accumulates over time. Cash value in a Whole Life or Universal Life policy is like a behind the scenes savings account. Every time you make a payment, a portion of the payment goes towards the cost of life insurance and the other into a cash value account. Additionally, this account earns interest each month allowing it to grow even more (may vary in a UL policy). You are entitled to withdraw funds from this cash value account in form of a loan at anytime you want for any reason (as long as there are available funds in policy). For example, let’s say your child needs money for college or buying their first car, or some other expense or investment, you can tap into the cash value to help with that.
Funeral Expenses
Although the chances of a child dying are very slim, it could happen. Having a life insurance policy on one of your little ones gives you peace of mind knowing their funeral expenses would not create a financial hardship.
Secure Guaranteed Insurability Later in Life
A possible benefit in a Children’s Whole Life Insurance policy is the ability for them to get guaranteed coverage later in life. In other words, the insurance company will allow the insured child to purchase more coverage (up to a certain amount) without them having to show evidence of insurability. For example, let’s say your child (heaven forbid) were to develop cancer in their 20’s or 30’s, the policy you purchased for them would entitle them to buy additional coverage and their cancer would not prevent them from doing so.
The plans we offer for children (ages 0-17) do not require a medical exam. In addition, aside from parents, grandparents in some cases may also purchase coverage on their grandchildren. Best of all, depending on the plan you decide to apply for, premiums may start at only $5.00 – $10.00 per month. Application process is exceptionally simple and typical approval turnaround is under a week, sometimes even the same day!
When should I Purchase a Children’s Life Insurance Policy?
The best time is today. The cost of insurance will rise the older your child or grandchild gets. Plus, starting sooner means the cash value component will have more time to accumulate and grow.
