Life Insurance Ideas For Your Growing Family

Raising a Family

Term life insurance is something very important for parents of young children to consider. Having the protection of a term life policy will help you sleep at night knowing you have taken the steps to protect your family in the event you pass away. Now what about any minor children or a new born? The younger a person is, the lower the cost of life insurance. For children, if you are looking for them to have a policy of their own, you can look to whole life insurance.

Whole life insurance policies are a great way to get your children started with a life insurance policy of their own. One of the key things to understand is that the cost will be very inexpensive and will not change. So, imagine your child having a whole life insurance policy that will build cash value over time (money they can take a loan from in the future) and the price stays the same for as long as the child keeps the policy.

I think one of the benefits of purchasing a whole life policy for a child is that when the child is older you can explain how the policy works and why it was taken out. You can go over the benefits and look at the cash value that has accumulated up to that point. As a child grows into an adult they may be more inclined to consider other types of life insurances as their needs and life changes because they will understand the value of life insurance.

I’ve spoken with many people who want to purchase life insurance but due to health reasons they are unable to qualify for it or the cost is too expensive for them. I’ve had many people tell me they put off buying life insurance for years and now they realize they should have acted on their instinct long ago when it was much cheaper. Yes life insurance is ultimately there to provide a benefit upon a person’s death, but don’t just focus on that aspect of it. With the whole life insurance cash value that grows over time, your child will have the ability to take a loan from the policy, a benefit of purchasing a whole life insurance policy for a very young child.

With a young and growing family try to look at life insurance differently and help your growing children learn the importance of life insurance. When they are old enough to understand tell them about your life insurance coverage and why you purchased it. Tell them about the whole life insurance policy you took out on them at age 1 and why you did it. These are great lessons for a growing family and one day when your children are grown they will pass this knowledge on to their children and hopefully follow in your footsteps.

About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or