Summer is almost here, and that means that schools are letting out for summer break. We hope this summer is safe and full of fun, but we are aware of the unpredictability of life. Because you never know what will be thrown your way, you can design a plan to protect your child's future. There is value in considering a life insurance policy for your children, read on to find out if it may be right for you.
Buying Life Insurance for Children
Most of the time, life insurance is to replace the earning power of a family breadwinner. Life insurance allows dependents to continue living comfortably in the event of a death. In almost all cases, children are the dependents, not the depended-upon. So, what is the point of life insurance for children if it isn’t to replace money for the household?
Generally, people recommend life insurance for children for four primary reasons:
While life insurance policies for children are generally inexpensive, SelectQuote encourages parents to weigh the options.
Life Insurance for Children: Pros and Cons
Life Insurance for the Whole Family
It’s a solid option to put money into a savings account to have cash on hand should you need it. Also, it is important to ensure the adults in your household have adequate life insurance coverage. When you ensure a dependent’s financial security in the event of a caretaker’s untimely death, you are ensuring a domino effect of good financial decisions that will last a child’s lifetime.
Do you need help determining what kind of life insurance you need, or what adequate coverage is for your family? Reach out to Baker Insurance to find out!