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Children's Life Insurance
Since 2010, the first Sunday in May has been recognized as International Bereaved Mother’s Day, also known as International Babylost Mother’s Day, to include those who may feel left out on this holiday. Losing a child is never easy, but not being prepared can make this time of grieving even harder.
Although the idea of purchasing a life insurance policy may seem a bit taboo or ominous, there are a few reasons why it should be considered. Firstly, having a policy can help cover the more than just expenses of a funeral if a tragedy would occur. It can also help cover counseling and help with expenses while taking time off. Also, If you have a child that develops a medical problem early on in life, it may be harder for them to get their own policy when they are of age. Having a policy put into place when they are young may benefit your child in the future when they are trying to get their own policy. Anytime you apply for life insurance, the only concern is within the first two years, and that concern would only be from previous known health conditions, only if those conditions were not disclosed on the original application. Because of this, full disclosure is extremely important when purchasing a policy. When purchasing a policy for your child, they do not need the same amount of coverage as an adult does. Although an individual permanent plan may arguably be the best option as far as children’s life insurance goes, there are other options. This is where what we call a “Guaranteed Insurability Rider” comes in.
Essentially, this is just an extension to your own life insurance policy and can cost only a fraction of what a full life insurance costs but covers your child, or even your unborn child which makes it a great option for those who are on a restrictive budget. By making your child a “rider” on your policy, it can help by making it easier for your child to be able to purchase their own policy when they grow older without having to qualify medically. By doing this, you can make sure you are prepared if the unthinkable happens.

Posted 11:37 AM

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