Life Insurance for Children Dover NH
Northeast Planning Associates, Inc.
Years of Experience: 11
Invoice, Estate Planning, Retirement Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance
Compass Financial Group
Education: A graduate of the Indiana University of Pennsylvania earning a Bachelors of Science (B.S.)degree in psychology
Years of Experience: 21
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Asset Protection, Compensation Plans
Life Insurance for Children
Life Insurance for Children
We always want the best for our children. Life insurance companies know this. As a result, you might find that you are the target of sales pitches from life insurance companies. This is a time when emotions can run high. We all want to secure our children's future, right? If you are considering life insurance for your child, it's a good idea to step back from the sales pitches and be sure that you are clearly considering your and your child's needs before you make a purchase decision.
Often parents and grandparents are pitched "special opportunities" by insurance agents to add children to their policies. Agents may even imply that these opportunities only come up every few years, so there's pressure to make a decision right away. They do this because you'll buy with your heart for your beloved child or grandchild, instead of with your head. Before you buy, ask yourself what benefit comes of buying life insurance on your child. The purpose of life insurance is generally income replacement after a death. As such, it may not be the right purchase on behalf of your child.
However, one of the best reasons to insure children is to cover final expenses after an untimely death. Funeral expenses, including funeral arrangements and burial, can range from $5,000 to $20,000. The average family may not have the funds for those expenses and insurance can help. Further, the cost of such insurance for a child is usually fairly inexpensive, assuming that the child is in good health.
Only buy what you need. Do not be seduced into buying a policy that costs more, but gives you the option of having the child buy additional insurance when he or she comes of age. Sometimes, you may hear a sales pitch suggesting that children will have trouble buying insurance when they are right out of college, for example, and on their own for the first time. However, the reality is that most young adults can easily obtain insurance coverage for very reasonabl...