Category: 
October 17, 2007
Ask five people about life insurance on children and you will probably get five different answers. Let’s look at some of the reasons we buy life insurance on anyone to see if some of these reasons apply to our kids and if we determine life insurance may be appropriate, what will we do to make sure the amount of life insurance coverage is adequate and appropriate?
One of the very basic reasons why most people buy life insurance is to pay for final expenses
So Just What Are Final Expenses
- Unpaid Final Medical Expenses
Many children, unfortunately, are killed in accidents and the medical care associated with these accidents can be very expensive. These expenses may include emergency transportation, emergency room treatment, and intensive or critical care services. Even with excellent major medical insurance, there are deductibles, co-payments and co-insurance which may amount to several thousands of dollars.
- Funeral Service
Obviously no one likes to talk about this, but it is just a fact of life. In addition to paying for the service itself, there are other expenses like, burial plot, grave marker, etc., all of which may amount to several thousands of dollars.
Now Let’s Look Into The Future
When our children are grown and have families of their own, will they need life insurance? If you feel they will, there is certainly no better time to buy it than when they are healthy children. If you purchase a permanent type of life insurance, the very low premium will never change, even when they are adults. Also, our health condition can change very quickly and buying life insurance on children will prevent them from being in a position where their health condition prevents them from buying life insurance, at least at standard insurance rates.
So, Should We Buy Life Insurance On Children?
We could argue that it is something we just won’t do or we would argue the point– if anyone needs life insurance, why not children?
Other Insurance Maze Posts of Interest:
- Business Insurance-Insurance Plan To Manage Risk
- Home Insurance-Freezing Winter Weather Can Be Costly To You And Your Insurance Company
- Insurance Fact-Teens Behind The Wheel-Leading Cause Of Death For U. S. Teens
- Insurance Rates- Could Chantix Lower Them?
- Health Insurance-What Should We Look For In A Good Health Plan?
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Horaayy..there are 2 comment(s) for me so far ;)
i believe that there should be some type of coverage for your children, no matter what type of policy you have. if you have a term life policy, it should be renewed to cover yourself and your child, and if you have a whole policy, it should defintely cover yourself and your child. I recently got a globe children’s insurance policy for my three children. I feel alot more secure now that I know that my children nor their caregivers will be burdened if I were to pass away suddenly.
Mostly life insurance is connected with our future death and to leave to our family some financial help after we leave this world. It is true that people don’t like to talk about the end of life, not even about something that could happen to their children (eg. accidents). But I think it is good to be prepared for everything, even when it is the worst thing what could happen in one’s life.