5 Reasons It Makes Sense to Insure Children with Life Insurance

5 Reasons It Makes Sense to Insure Children with Life Insurance

Putting a life insurance policy on a child may seem like just something insurance broker parents do to collect an easy commission. After all, they have no dependents and they’re expected to out live those that raise them. Not so fast, there is a method in the perceived madness.

The following are 5 reasons why insuring a child can make sense:

1. Allows parents and grandparents to leave a financial legacy to their children and grandchildren

2. Affordable premiums guaranteed for life

3. Policy can be have limited pay periods i.e. Plan can be Paid-up insurance after 20 years

4. Any dividends, under a participating whole life policy can grow tax sheltered within the policy

5. Dividends can be used to increase coverage and cash value and accumulating cash value will allow for future borrowing needs

 

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