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Most parents wonder if they should buy their kid a whole life insurance policy
. Life insurance is not always about death, though. Child life insurance is mainly about preparing for your childs future. It is advisable to get your child an insurance policy while your child is young, strong, and healthy, and life insurance can be obtained at a minimum cost. Once a child develops a health problem like a chronic disease, a life insurance policy may be almost impossible to obtain.You can sign up for a term life insurance policy now, with a guaranteed periodic purchase option. This type of insurance policy will merely require a low insurance premium and will make it possible for your children to have life insurance as adults.
Another option for your children is to purchase a whole life insurance policy which will last for the rest of their lives. Their age and health status will not make any difference, nor will it matter if they serve in the military or have dangerous occupation hazards. This type of child life insurance is ideal for planning for your childs future, as the cash value of this type of life insurance plan accumulates as your children grow older. Once they reach the age of 18, they may borrow against this cash value or stop the policy and withdraw the money, and use this amount to pay for college.
Who can purchase a life insurance policy for children? The parents, grandparents, or legal guardians can all purchase child life insurance policies. Since new parents often have a lot of financial obligations during the first few years of their child's life and buying child life insurance is oftentimes difficult for them, grandparents may purchase the child life insurance policies for their grandchildren.
Once you start a life insurance policy for a child, the coverage begins immediately. The rates for child life insurance vary. Whole life insurance policy rates stay the same, while term life insurance policy rates will depend on the policy, the childs age, and other factors. Policy renewal agreements may also vary, so a parent, grandparent, or legal guardian need to make sure that they are fully aware of these before signing up for term life insurance policies. There are instances wherein you may start by purchasing a term life insurance policy and then switch to a whole life insurance policy at the end of the term policy's period.
Although the parents or legal guardians are the beneficiaries of childrens life insurance, the one who will benefit the most from these child life insurance policies is the child. The child benefits from having the security of a life insurance policy that will continue even if he or she is eventually diagnosed with a life threatening disease. And even though every parent plans to outlive their children, a child life insurance policy would greatly ease the parents burden in case the unthinkable happens to their child. Secure your child's future now and get your kid a whole life insurance.
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