Life Insurance for Children

After you secured life insurance for yourself, purchasing life insurance for children may be the most valuable gift you ever give them. Consider these benefits of acquiring life insurance when young: 

  1. Premiums are much lower due to the insured’s age.
  2. There will be no medical requirements, not tests to undergo. Unless medical questions in applications will prompt underwriters to probe further. No medicals translates into quick issue and no pre-existing conditions restrictions.
  3. The longer the life of policy the more cash value it can accumulate. That is considering you choose permanent life insurance. We always recommend permanent life insurance for children. Read here why. (link to another post). Even if you chose small base death benefit the amount of cash value accumulated can surpass it twice fold.
  4. Many permanent life insurance product allow to withdraw a portion of policy’s value or take a loan against it. (link to whole life post) It means your child will be able to enjoy benefits of you gift during their life time, i.e. for a down payment on a house.
  5. Gift that spans generations. Chances are your child will choose their children as beneficiaries for life insurance. That means that your future grandchildren will receive the death benefit.

As you can see, life insurance for kids is an excellent option for some surplus cash. Right product and amount can be found for any budget. Contact our expert team for a free consultation and quote.