Child life insurance personalized to meet your needs.
No one wants to consider the unthinkable, so talking about child life insurance can be difficult. But, there are advantages to this type of coverage that you might not be aware of. We’ll talk you through the basics of a child's life insurance policy to help you decide if it’s right for your family.
Reasons to get a child life policy.
While life insurance is usually associated with breadwinners, there are some good reasons to get it for a child. But, it’s very much a case-by-case product, so it’s worth getting advice to see if it’s valuable for you to get a child life policy.
The advantages of having this policy.
Children are usually covered by a whole life insurance policy that starts much earlier in life than usual. It has three main advantages.
- One benefit is that it can cover funeral expenses, counseling, and leave from work in the tragic event that your child dies.
- The second advantage is that it can act as a form of savings, particularly for college fees. Most child life insurance policies build up a cash reserve that you can either withdraw (for a fee) or use as security on a loan. In most cases, the growth of this cash reserve is at a guaranteed rate.
- The final advantage is that starting a policy now reduces the risk of your child having trouble getting a policy themselves as an adult if they’ve developed a medical condition in the meantime.
Does child life insurance fit your situation and needs?
How relevant and significant these benefits are will depend on your financial circumstances, your other savings accounts, investments and your attitude toward risk.
To get more insight into whether a child life policy is right for your family, contact us today.