Life Insurance for Children
Life insurance for children is critical. Parents never want to think of something this tragic. However, it does not necessarily have to be something geared towards a tragedy. It could be something that is used to help pay for the child’s college. Pay for their first house, or just as coverage for the rest of their life. Life insurance policies tend to be cheaper the younger the child is. This makes it easy to overfund a policy and easy to build up cash value in that policy for the future. Enrique Torres, Empower Life, and Financial Manager does a great job of explaining this kind of insurance. “I wanted to cover a topic today that from time to time does come up. I personally have something in place for my children. So how do you get life insurance on children and why would you? well, most parents are more concerned about what happens when they pass away, and that they leave something for their children as far as a benefit. Payoff the mortgage, make sure their college is paid for, and that they maybe have a lifestyle income.”
How Soon Can I Get My Child Covered?
Most carriers will offer coverage as short as a couple of days. In other words, as soon as the child is born, within two days the application process can get started. This is when coverage could be the cheapest it’s going to be. We do recommend for young children to get coverage because you just never know what is going to happen. There are some policies that can be issued as I mention as young as two days and with as little as 5,000 all the way to a hundred thousand and up. A lot of people consider getting coverage around $100,000 for their children, this way they can build that cash value over the next 18 years to where they can use their life insurance policy to pay off their education, put a down payment It’s also possible to go as little as $10-$15 a month on a life insurance premium for a child. This is a highly affordable option for most families and can be extremely beneficial to most parents and children alike.