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Should You Buy Life Insurance for Kids?
Life insurance can be difficult to think about, learn about, or plan for. But one thing’s for sure is that life insurance has become a popular topic for discussion since the pandemic hit. Parents of kids of all ages wonder if they should be investing in life insurance for their children after all of the uncertainty lately. Arthur Blake wants to help ease your anxiety, so we want to discuss the pros and cons of buying life insurance for your kids. Ensuring Adult Coverage By purchasing life insurance for your children when they’re young, you ensure they’ll have coverage even when they’re adults and have professional jobs. When people get older, they are more likely to be denied coverage for reasons like dangerous jobs or health conditions they’ve been diagnosed with. By purchasing life insurance before these things happen, your kids won’t be denied the coverage they already have as adults. Long-term Commitment If you decide to invest in life insurance for your children, expect to be making payments for decades to come. The investment isn’t worth losing if cash flow becomes tight. You might be able to re-invest some of the money for payment, but then the policy loses... Read more
