When buying life insurance, you may wonder whether to get insurance for your children. First, you need to make sure that you, as the parent, have adequate life insurance coverage, and then you may consider whether to add a child on to a policy. Voi Insurance Solutions, LLC of Glendale, CA can help you understand the intricacies of life insurance, whether it is for an adult or a child.
Life Insurance for the Young and Old
Like anything else, there are pros and cons to buying life insurance policies for your children. In the modern world, it is very unlikely that a child will die, so the risks are small. But since the risks are small, the costs are relatively low as well.
The main reason to consider this would be to cover the cost of a funeral if the unthinkable were to happen and your child were to die. Some people buy whole life policies that last as long as the person lives, and these accumulate cash value over time.
There might be better investments out there, but you do get the added benefit of insurance coverage along with the policy. A child could even borrow against the policy once he or she reaches college age to help with expenses.
Another reason some people get insurance is to make sure the child will be able to get insurance for him or herself later on. If the child developed severe health issues, they might not be able to buy insurance, but if they already have a policy, they will be able to no matter what else happens. Finally, if your child is a prodigy or becomes a celebrity, you might want to consider insurance there as well. There are a lot of pros and cons to consider.
Come by or call the professionals at Voi Insurance Solutions, LLC in Glendale, CA to make sure you are making the best possible decisions. Our agents can help you through the life insurance process and inform you of the benefits of a policy.