Life insurance is the gift that keeps on giving, even when giving them to children.
It is a non-traditional gift to give but it comes with future benefits. A life
policy can potentially be a source of funds that your children and/or grandchildren
can access when they get older, protects their future insurability, and by
starting coverage early, it can keep premiums down.
Talking
about life insurance can be tough especially when it’s for your child or
grandchild. As parents we don’t like to think about something tragic happening
to our kids. As an example, let’s say the unthinkable happens to your child
while away at college. Having a life insurance policy for them that covers
tuition in case of an accident will stop a monthly tuition bill, reminding you
that your child won’t be coming home.
There is
also a juvenile permanent life insurance policy that builds cash so that come
time for college, your child or grandchild can access it to pay for college. A
juvenile permanent life insurance policy is commonly purchased to supplement a
college fund.
Here are
more notable advantages for a life insurance policy for your children or
grandchildren:
-
Important Cash Accumulation – The cash value of
the policy grows with your child so the earlier the better.
-
Guaranteed Insurability – Regardless of their
occupation or their health, when they have a life policy as a child, those
factors will not interfere with them qualifying for a life policy as an adult.
-
Cost Savings – The earlier the coverage begins,
the lower the cost may be.
-
Guaranteed Self-Completion – In the event of
your death, an optional payor benefit may be available that could cover the
premium payments of the policy for you.
Talking about Life insurance isn’t always the easiest
subject to talk about. Let’s set up a meeting and lay out all the benefits of a
Farmers Life Insurance policy for your child or grandchild. Like
Professor Burke says, “The more you know, the better you can plan for what’s
ahead.”
