Why Life Insurance- For your children
Many of our clients have already discovered that I am a BIG cheerleader for life insurance. I have a deep passion for life insurance and believe that life insurance is a necessity! What some people may not know is that I believe life insurance should be purchased very early in life. And by early, I’m saying as early as 14 days old!
One may believe I think parents/grandparents should purchase insurance for their children in the unlikely event that the child will die. That is absolutely false! The thought of your child dieing is possibly the worst thought that can cross a parent’s mind. I believe we should buy life insurance for our children because we believe they will LIVE!
Life insurance eligibility and rates is based upon the health of the applicant. You will hear people say that life insurance gets more expensive each year because you are getting older. While yes, there is a small component in mortality rates based upon age, it is not the age itself that is causing rates to be higher. It is primarily driven by the health status of the applicant as the applicant ages. Due to increasing rates due to age and increasing cost of living, normally the cheapest you can buy life insurance is at a young age.
Buying life insurance young, guarantees that your child will be eligible for purchasing additional life insurance when they are older. Medical testing and technology is getting better each day which is such a blessing, but is also means that patients are getting diagnosed younger and younger with diagnoses that make them ineligible for life insurance. In Ohio, newborns are screened at birth for over 30 conditions—some of those conditions can make them immediately ineligible for life insurance. Buying life insurance at an early age can guarantee eligibility for future life insurance purchases.
Purchasing life insurance for children can be done in many ways. Contact our office to discuss the best option for your family.