There are several reasons why you should consider life Insurance for your child or grandchild. One of the primary reasons parents or grandparents want to provide a life insurance for the child is to protect their insurability as an adult. Children are usually healthy when they are younger and are eligible for life insurance with no exam needed. Whereas when they are an adult, they may have health issues arise keeping them from getting the life insurance they want or need.
It allows you to lock in a lower rate. Premiums for children are normally low. If we wait to try to get life insurance when we are older, for some people it is unaffordable or they will not meet the insurable guidelines due to health issues. Locking those whole life premiums in as child means those premiums will never go up as long as the policy is active.
It has cash value. This means a portion of the premiums paid goes toward building the cash value. This cash value can be accessed when the child is older if it is ever needed.
Of course, no one likes to think about it, but it provides funds for funeral expenses. When a child suddenly passes, it devastates a family. A life insurance policy could not only help provide the funds for the final expense but it could also allow funds for the family to take the much needed time off from work.
And yes of course consider your own life insurance needs first but never assume a child will never need life insurance.
Peggy has been the Branch Manager in our Keysville location since 2001. She has lived in the area most of her life and has watched it grow. She is an expert in insurance exposures for South Side Virginia including Auto, Home, Farm, Mobile home, and Life. Peggy is very knowledgeable and dedicated to providing the best coverage and service to our clients.
In her spare time she enjoys camping, going to baseball games, socializing with friends and family, as well as spending time with her grandchildren. She also loves volunteering in the community whereas she is an active member of The Barksdale Cancer Foundation.
