Buying life insurance for your children may sound like an odd idea. But the right life insurance policy can grant lifelong financial security to your dependent child. Additionally, child life insurance policies aren’t about preparing for death – they’re about providing your children with financial security and protecting their financial future.
Here are some other benefits of getting life insurance for your children:
You Can Accumulate Money For Their Future
If you opt for whole life insurance for children, you can ensure the future insurability for your child, regardless of health issues. This type of life insurance policy can help you build wealth for your children in the form of dividend payments or a cash value that they can access later in life.
Policies Can Be Converted
Life insurance policies for children can be converted later in life – usually without a medical exam. The added bonus here is that their premiums will probably remain low since the policy is based on their health when they were younger. And while the life insurance premium payments may increase slightly as your child grows up, insuring your child early can generate savings in their adult life.
It All Comes Down To Personal Opinion
Life insurance can be handy for children who have been diagnosed with any critical illness or medical conditions that may impact their insurability in the future. Life insurance policies for children also usually offer lower premiums since the children are usually very young and in good health.
On the downside, life insurance policies for children offer a lower rate of return when compared to other investment options.
If you’re thinking about purchasing a life insurance policy for your children, visit the Nour Private Wealth website! We know that looking for the right insurance product and determining the right amount of coverage can sometimes become overwhelming.
Fortunately, our team of experts at Nour Private Wealth can help you decide which plan suits your children’s needs best. Whether it’s family protection, income protection, business continuity, wealth accumulation, or estate preservation, we can help you develop a plan perfect for you and your family.
Contact us today to learn more about the importance of life insurance for children.
Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.