Life Insurance For Kids
While opinions vary, life insurance for kids offers some very real advantages. Parents who opt to take out policies for infants and children under the age of 21 may not be as unreasonable as some would believe. Some policies, such as whole life, can be converted to cash for a college education, disability, or to cover chronic healthcare needs in the event that the child becomes uninsurable in later years. Companies which promote insurance for babies point out the fact that whole life policies serve as long-term savings and the possibility of infant or childhood accidents or illnesses leading to eventual death are very real.
No parent likes to consider having to handle burial expenses for a child; but life insurance for kids can provide money for final expenses without placing a burden on family finances. Funeral expenses can easily cost $10,000, plus the cost of a burial plot and residual healthcare expenses in the case of terminal or long-term illnesses. Because of the reality of infant or adolescent death, concerned parents will also want to insure that their children accept Jesus Christ at an early age. "Then were there brought unto Him little children, that He should put His hands on them, and pray: and the disciples rebuked them. But Jesus said, Suffer little children, and forbid them not, to come unto Me: for of such is the kingdom of heaven" (Matthew 19:13-14).
Most policies for children are relatively inexpensive, amounting to less than pennies per day. Coverage can consist of hundreds of thousands of dollars and cash values can amount to considerable sums in a relatively short period of time. An average policy for $100,000 worth of coverage can cost a piddling $15 per month. Because premiums increase with the age of the child, the advantage to purchasing policies for children at an early age or even at birth are that premiums are small and highly manageable, even for young families with several siblings. By the time a child reaches college age, the same policy can cost two to three times at the same face value. For instance, that $100,000 policy purchased after the child turns 21 years old could easily cost conservatively $50 to $60 per month and up. For cost savings alone, many families view purchasing life insurance for kids as a wise investment and a smart option.
Families with several offspring may find that premiums for each of the children may amount to much less than the cost of adult life insurance. And some parents tend to view life insurance for kids as more of an investment for the future than preparation for untimely final expenses. With money invested in a whole life policy, adult children could cash in not only for college, but also to provide an investment to purchase a new home or start a business. Parents of middle income families aren't born with silver spoons in their mouths; and policies which provide coverage for kids can offer a reasonable amount of financial security for later years as an adult. Whole life policies can even be cashed in and converted into high yield stocks and bonds for even greater returns, or deposited into long term savings instruments, such as U.S. Treasury bills or certificates of deposit.
Those who oppose purchasing life insurance for kids point out that money could be best spent for other things, such as dental bills or everyday living expenses. Many reason that instead of purchasing a whole life or term policy, parents would be better off depositing those same funds into an interest-bearing savings account, money market, or mutual fund. Individuals who tend to oppose buying life insurance for kids may also have a problem dealing with the possibility of the death of an underage child. No one likes to consider the fact that children can and do die. Chronic illnesses, such as cancer, muscular dystrophy, or multiple sclerosis claim the lives of infants, toddlers, and teens. Many times, parents are unable to cope with long-term health problems which can deplete them emotionally and financially. However, in the event that chronic illnesses end in death, such policies can help alleviate the crushing financial obligations associated with extensive hospital stays, costly treatments, and expensive medications. Without adequate coverage, the financial burden of long-term, debilitating illness would only increase the emotional burden of losing a beloved child. And many families experience years of monetary woes while trying to recover emotionally from their loss.
In the final analysis, purchasing life insurance for kids is solely at the discretion of individual families. Parents should take time to discuss these kinds of sensitive issues without getting emotional or distraught. And as parents, taking on the responsibility of preparing for life's victories and disappointments is part and parcel of childrearing. No matter whether families decide to invest a small amount today for a brighter future for their child tomorrow, the most important consideration is that Moms and Dads make that very important choice together.
Parents may be wise to view the decision to purchase life insurance for kids as not only a viable, low-cost investment in their children's financial future, but also an assurance that the loss of a child can be faced with hope, closure and the possibility of securing a better life for surviving siblings. Insurance policies for coverage in amounts totaling hundreds of thousands of dollars could be used to enhance the quality of life for a child's surviving parents, brothers and sisters. The loss of offspring can be devastating, but the provisions made for those who live on after God calls His beloved little ones home can bring a measure of comfort and financial security.
No parent likes to consider having to handle burial expenses for a child; but life insurance for kids can provide money for final expenses without placing a burden on family finances. Funeral expenses can easily cost $10,000, plus the cost of a burial plot and residual healthcare expenses in the case of terminal or long-term illnesses. Because of the reality of infant or adolescent death, concerned parents will also want to insure that their children accept Jesus Christ at an early age. "Then were there brought unto Him little children, that He should put His hands on them, and pray: and the disciples rebuked them. But Jesus said, Suffer little children, and forbid them not, to come unto Me: for of such is the kingdom of heaven" (Matthew 19:13-14).
Most policies for children are relatively inexpensive, amounting to less than pennies per day. Coverage can consist of hundreds of thousands of dollars and cash values can amount to considerable sums in a relatively short period of time. An average policy for $100,000 worth of coverage can cost a piddling $15 per month. Because premiums increase with the age of the child, the advantage to purchasing policies for children at an early age or even at birth are that premiums are small and highly manageable, even for young families with several siblings. By the time a child reaches college age, the same policy can cost two to three times at the same face value. For instance, that $100,000 policy purchased after the child turns 21 years old could easily cost conservatively $50 to $60 per month and up. For cost savings alone, many families view purchasing life insurance for kids as a wise investment and a smart option.
Families with several offspring may find that premiums for each of the children may amount to much less than the cost of adult life insurance. And some parents tend to view life insurance for kids as more of an investment for the future than preparation for untimely final expenses. With money invested in a whole life policy, adult children could cash in not only for college, but also to provide an investment to purchase a new home or start a business. Parents of middle income families aren't born with silver spoons in their mouths; and policies which provide coverage for kids can offer a reasonable amount of financial security for later years as an adult. Whole life policies can even be cashed in and converted into high yield stocks and bonds for even greater returns, or deposited into long term savings instruments, such as U.S. Treasury bills or certificates of deposit.
Those who oppose purchasing life insurance for kids point out that money could be best spent for other things, such as dental bills or everyday living expenses. Many reason that instead of purchasing a whole life or term policy, parents would be better off depositing those same funds into an interest-bearing savings account, money market, or mutual fund. Individuals who tend to oppose buying life insurance for kids may also have a problem dealing with the possibility of the death of an underage child. No one likes to consider the fact that children can and do die. Chronic illnesses, such as cancer, muscular dystrophy, or multiple sclerosis claim the lives of infants, toddlers, and teens. Many times, parents are unable to cope with long-term health problems which can deplete them emotionally and financially. However, in the event that chronic illnesses end in death, such policies can help alleviate the crushing financial obligations associated with extensive hospital stays, costly treatments, and expensive medications. Without adequate coverage, the financial burden of long-term, debilitating illness would only increase the emotional burden of losing a beloved child. And many families experience years of monetary woes while trying to recover emotionally from their loss.
In the final analysis, purchasing life insurance for kids is solely at the discretion of individual families. Parents should take time to discuss these kinds of sensitive issues without getting emotional or distraught. And as parents, taking on the responsibility of preparing for life's victories and disappointments is part and parcel of childrearing. No matter whether families decide to invest a small amount today for a brighter future for their child tomorrow, the most important consideration is that Moms and Dads make that very important choice together.
Parents may be wise to view the decision to purchase life insurance for kids as not only a viable, low-cost investment in their children's financial future, but also an assurance that the loss of a child can be faced with hope, closure and the possibility of securing a better life for surviving siblings. Insurance policies for coverage in amounts totaling hundreds of thousands of dollars could be used to enhance the quality of life for a child's surviving parents, brothers and sisters. The loss of offspring can be devastating, but the provisions made for those who live on after God calls His beloved little ones home can bring a measure of comfort and financial security.
Life Insurance For Kids
![]()
Reviewed by Anonymous
on
3:36 PM
Rating:
