Nicole

El Paso, TX

Nicole,

There are some advantage and disadvantages on purchasing child life insurance for your children. You need to have a good reason for insuring your child. Normally, the bread winner have a sufficient amount of insurance. Child life insurance will have benefits if the parents or legal guardian are insured properly.

Here are the reason why you should purchase child life insurance for your children:

1. Buying child life insurance will protect the Childs insurability.

2. Purchasing permanent life insurance and funding it with sufficient enough premium to provide cash for college education or future financial needs. Universal Life policies is a good choice for this purpose.

3. Final Expense is the basic reason for all life insurance.

There is the added advantage of teaching your child about life insurance. You can show your children the advantages of life insurance to prepare them to take responsibility for their own financial in the future.

Do I need to cover my children with Life Insurance?

Gayle

Houston, Texas

Great Question Gayle,

The main reason for buying  children life insurance is to replace income in case a breadwinner dies. Most children don’t earn an income.

Also Children life insurance will insure a child who is stricken with a health condition. Children can suffer from diseases such as HIV, AIDS, and various types of cancer just as adults can; therefore, purchasing child life insurance is a practical choice for parents or legal guardians of children with these or similar conditions.

It’s not so much the benefits as it is about future eligibility. Children life insurance is especially important if your family has a history of medical illness. You see, if you get children life insurance, your child can automatically get any type of life insurance later on.

A. As a general rule, parents should first get themselves life insurance, before they get their children life insurance. Because the main purpose of child life insurance is future eligibility, parents will do well to just get the cheapest child life insurance package.

It’s not so much the benefits as it is about future eligibility. Child life insurance is especially important if your family has a history of medical illness. You see, if you get Child Life insurance, your child can automatically get any type of life insurance later on.

Most types of child life insurance are actually term life insurance policies. Child life insurance often does not build cash value and has small premiums. In order to be competitive, some life insurance agencies are providing child life insurance some features similar to whole life insurance. However, child life insurance ends when your child matures, so the cash value benefits are very minimal.