Yes, and we all know life is one giant math question....
We know people are rational creatures and we all know Obama is going to fix everything wrong with this God foresaken land....
What are the reasons for life insurance on children?
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Yes, and we all know life is one giant math question....
We know people are rational creatures and we all know Obama is going to fix everything wrong with this God foresaken land....
- 149
Two great points. Guaranteed insurability is huge, ING has a ROP Term that works great for a college fund or to have that piece of mind that regardless of health issues your child can get a permanent policy. Also funerals are expensive, but I think that above that you never know how you are going to cope with the loss of a child.... It might take some serious time to pull yourself together enough to earn an income and support your family.
- 149
My spouse and I both have policies taken out by our parents and a young age and let me tell you - we are soooooo grateful.They are so cheap!
When our baby comes, we are definately taking about WL on our child. We are actually looking into a paid-up policy so we will be done with it when the child is 18 or 20 years old.
Becareful of the paid-up option your $50-100k policy might seem great now but with LE's on the rise when your child dies at age 127 that policy might not be that hot.
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Great thread. I too have policies on my children. Mostly for the gaurenteed insurability. One of my kids already have th onset of diabetes so that will be huge. Another $500,000 of insurance at anytime at the best class.
The other thing that turn alot of people off are the internal rate of return. If your selling with a good company. It may not be the best idea to go permenant. There are only a few companies that I would consider getting permanant for children. IMO
The other thing that turn alot of people off are the internal rate of return. If your selling with a good company. It may not be the best idea to go permenant. There are only a few companies that I would consider getting permanant for children. IMO
Life insurance for children may provide several benefits, including covering final expenses.
In addition, child life insurance plans may offer guaranteed insurability as an adult.
When your child reaches age 18, 21, or 25, with some policies, they may increase their amount of life insurance protection without proving insurability.
In addition, some plans offer coverage that cannot be canceled due to occupation, health, or military duty when the child grows up.
The plans may build some cash value, and loans may be taken from the policy cash value.
Life Insurance for children may provide a forn of financial security for the family your child may have one day.
In addition, child life insurance plans may offer guaranteed insurability as an adult.
When your child reaches age 18, 21, or 25, with some policies, they may increase their amount of life insurance protection without proving insurability.
In addition, some plans offer coverage that cannot be canceled due to occupation, health, or military duty when the child grows up.
The plans may build some cash value, and loans may be taken from the policy cash value.
Life Insurance for children may provide a forn of financial security for the family your child may have one day.
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What percentage of children become uninsurable as adults?
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...all the one collecting Happy Meal prizes
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"What percentage of children become uninsurable as adults?"
It just seems like the ones I run across who want insurance.
It's an inexpensive rider, a couple bucks in most cases.
If you follow the health trends, you can figure the answer.
It just seems like the ones I run across who want insurance.
It's an inexpensive rider, a couple bucks in most cases.
If you follow the health trends, you can figure the answer.
1. As a replacement income for the children
If you are a parent with children depending on your income to survive, you will need to buy life insurance. It is to ensure that they still have income to survive after your death.
2. As a payment for final expenses.
You may incur debts every now and then and if you have passed away, the remaining outstanding debts will cause your children to carry more burden than they already have. If you bought life insurance when you are still alive, they can rely on the money to settle the debts after your death.
3. As an inheritance.
You can name your children as the beneficiaries of your life insurance so that they will still have some assets and money to ensure that they will continue to be financially independent even after your death.
4. As a method of saving money.
[FONT="]If you opt to buy a cash value plan for your life insurance, you will need to pay a regular premium towards the plan. This will then create a source of savings which will mature on your death for your children
[/FONT]
If you are a parent with children depending on your income to survive, you will need to buy life insurance. It is to ensure that they still have income to survive after your death.
2. As a payment for final expenses.
You may incur debts every now and then and if you have passed away, the remaining outstanding debts will cause your children to carry more burden than they already have. If you bought life insurance when you are still alive, they can rely on the money to settle the debts after your death.
3. As an inheritance.
You can name your children as the beneficiaries of your life insurance so that they will still have some assets and money to ensure that they will continue to be financially independent even after your death.
4. As a method of saving money.
[FONT="]If you opt to buy a cash value plan for your life insurance, you will need to pay a regular premium towards the plan. This will then create a source of savings which will mature on your death for your children
[/FONT]
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