Life Insurance may be the Perfect Christmas Present
Was life insurance at the top of your child’s Christmas wish list this year? I’m guessing the answer to that question is No. Would they know what life insurance is, if you asked them? I’ll bet the answer to that questions would be no as well, and that’s ok. What is important is that you know what it is and why it may be important to purchase a policy for your child.
No one wants to think about death, especially the death of a child, however, it does happen and you need to be prepared. Unfortunately my parents experienced the unexpected deaths of two children and they were not prepared for this financially. Had they had a life insurance policy on the children, even a small one, then the financial burden could have been avoided leaving one less thing to worry about.
Most insurance companies allow the purchase of a life insurance policy on a child as young as 14 days old. Most carriers have relatively low minimum face amounts, so the premium amounts aren’t terribly high. In most instances, insurance is cheaper the younger we are as we haven’t necessarily developed any health issues yet. The policy can also help with future insurability, should the child develop health issues in later years – they’re already insured so they don’t need to worry about a health exam or answering any health related questions.
As you look over the wish lists of your children, perhaps you’ll think about purchasing life insurance for them. They won’t know you did it and if you did tell them they would not understand why, but then again life insurance is for the benefit of those left behind, not those being insured.
About the author: Lauri Pella has been in the life insurance business for over 29 years. She is a fitness enthusiast who actively supports foundations like the American Cancer Society, and the March of Dimes. Lauri would love the opportunity to help your family have a peace of mind, knowing they have the right life insurance coverage. You can contact Lauri at 1-800-651-1953 or LPella@Pivot.com.