Life Insurance For Children: Buy Smart While Listening To Your Heart
So many people urge parents to keep emotions out of life insurance buying decisions
, and look at things from a financial point of view ... and therefore say that life insurance for children is completely pointless, since children don't have any income to be replaced or debts to be paid after they die. Yet, life insurance for children is a little more complex than that ... today we look at how to buy smart while still listening when choosing life insurance for children.Could you go back to work?
Speaking for both myself, and the majority of parents I know, if one of my children died I would be literally devastated. I would not be able to think about going back to work, and I'm sure at the time it happened it would seem that I wouldn't be able to work forever. Income protection insurance might seem more appropriate if you are 'unable to work', but most policies cover only injury and illness ... not grief. This is one major benefit of taking out life insurance policies for your children. The benefits don't need to be enormous, either - just enough to take the pressure off you.
Pre-existing conditions
Thankfully, most kids are pretty healthy! There are some life insurance policies available for children with ultra-low nominal rates and pretty tiny benefits - these carry the advantage of ensuring that if your child develops any conditions in their teenage years or early adulthood that would exclude them from getting a life insurance policy, they are already in the system and have guaranteed insurability. Note that, in contrast to the option below, to give that protection of guaranteed insurability the policy must be in the child's own name.
Is children's cover an option on your own life insurance policy?
With some life insurance companies, you have optional children's cover available when you take out a normal life insurance policy. And if you have children, you should definitely have an ordinary life insurance policy! These options come with minimal extra premiums and quite small benefits, but do allow you some time off work when necessary.
Paying for funeral costs
When a child dies it is a highly emotional event ... nobody wants to struggle through with a cut down funeral due to high costs. You want to do your child justice and remember them in a joyful and vibrant way. Life insurance can help alleviate funeral costs and let you do justice to your child's memory.
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