subject: The Importance Of Child Life Insurance [print this page] Acquiring life insurance for your child is often the first investment in your child's future. It is often the most overlooked. That's why you want to make sure your investment decision is a sound one. When it comes to purchasing life insurance, the earlier the better. That's because rates are least expensive when you are young and healthy. You can buy life insurance for a child whey they are as young as 14 days old. That's right, just two weeks old. However, there are three things you should keep in mind if you want to get the most out of your investment.
First, look for policies that increase in value. This typically occurs at age 18 when your child legally grows to be an adult. There are insurance policies that double the benefit without any increase in costs. For example, a $20,000 policy becomes a $40,000 policy for the same low monthly payment. Next, only consider plans that build cash value. Policies that build cash value make it possible for the child to borrow against the policy or even to turn in the policy for the cash value when they become an adult. Let's say your child graduated from college and got a great job that provides a life insurance policy. The cash value of the child life policy can be used as a down payment for their first home. Finally, you want to make sure the plan doesn't increase the rates every year. Plans that allow you to "lock-in" low early life rates are the best policies to choose.
Unfortunately, most parents today don't realize how affordable a child life insurance policy can be. In fact, it is one of the most valuable and affordable investments that will last a lifetime. Don't miss out on this truly once in a lifetime opportunity.
The Importance Of Child Life Insurance
By: Scott Frank
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