Give Your Child a Financial Head StartThe purchase of a whole life insurance policy for a child is a great gift idea
Therefore, if a family member contributes a relatively small amount of money towards the purchase of a whole life policy on a toddler, someday the beneficiary could consider the matured policy to be a valued gift that provides protection.Some experts say that child life insurance is not a sound financial move.
They argue that it’s not necessary to purchase children’s life insurance because children are not assets that need protection. In other words, they argue that the only family member needing insurance is the financial provider. However, there are many reasons that those arguments are flawed. For example, some unavoidable health problems could prevent your child from purchasing insurance when he or she is grown.
Or in the event your child works in a hazardous occupation, engages in dangerous activities, or becomes uninsurable for any medical reason, his or her only option could be to pay for an expensive high-risk policy. Now try to visualize the fact that someday your small children will have their own families. Think what it will mean when they realize that the policy you had the foresight to purchase when they were children is now serving as protection for their own families.
Therefore, besides the obvious financial benefits of purchasing a children’s life insurance policy, your children will grow up knowing that your caring concern gave them a financial head start in life.