I've sold my share of life insurance policies on kids under age 17, but I have also had my share of parents who are very opposed to doing this. Don't get me wrong, no one wants to think about something happening to their child, but there are some compelling reasons for securing this coverage.
Have you ever been driving down the road and see a message on the back of someone's vehicle that says in memory of a loved one and then the age of the person's life? Surprisingly, quite of few of these are very young people that died way too soon. Whatever, the reason or cause for the person's death, that fact is that life insurance is highly recommended for a host of reasons.
The first reason is to cover the cost of last expenses. As we all know, you will have about 3-4 days to come up with the necessary funds to pay for the last expenses. Don't be one of those people who was opposed to taking out coverage on a child and then has to pass the plate to cover the last expenses. For a few dollars a month, a small inexpensive policy can offset these expenses.
The second reason for securing a life insurance policy is it guarantees your child's insurability. There are millions of children who cannot secure this coverage coverage due to childhood illnesses and diseases. If you secure a life policy prior to them developing a medical issue, this life coverage can never be taken away.
The third reason for securing coverage on your child at an early age is all life premiums are based on age. So the younger the child is the cheaper the premium is going to be. In addition, most child life policies earn cash value and dividends. These values continue to compound and grow each year so when you have 40-60 years of dividend and cash value growth, it can add up to some decent accumulation.
Most everyone will need life insurance in their lifetime, so in addition to the reasons listed above, if nothing else, you will provide your child an inexpensive, cash value producing policy when they are grown. For a detailed policy for your son or daughter, give the agents at Southern Insurance Group a call today. 352-243-9000. Opt 1
Southern Insurance Group