Insurance Maze Blog

Oct 17

Life Insurance On Children-Is It A Good Idea?

Category: Life Insurance post

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?

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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?

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