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Affordable Life Insurance for Children

Life insurance policies for kids are not only affordable, they can be a great idea. There are both pros and cons involved in the decision to purchase this kind of policy for your child, and there are plenty of experts who are very vocal on either side of the issue.

Is It Worth It?
Many financial experts suggest that purchasing a benefit policy for a minor simply doesn’t makes sense. This is because policy benefits are really intended to supplement or replace the income which would be lost in the event of the untimely death of one of the adults in the household. A child isn’t bringing in any income, so the idea of needing benefits  may not make sense to many. However, it’s a good thing to keep in mind that, in the event of a child’s passing, there will still likely be significant final expenses which will need to be taken care of, and an insurance policy is one easy way to handle that possibility.

Protecting Their Future
For those who are advocates of such coverage for children, it’s suggested that these types of policies provide good financial tools for a future investment portfolio. A permanent life plan will build up cash value that can be withdrawn down the road if a benefit is not claimed. These policies will also help provide for their future insurability. The policy can be cashed out later on for liquid assets, used as a college fund, or maintained into adulthood, so the terms are usually quite flexible.

Choosing Policies Wisely
Regardless of whether you feel an insurance policy for a minor child is a wise investment or not, on one thing all the experts agree: Purchase protection for yourself before your children. In the event that one parent’s income is lost, the best gift you can give your children is to make sure that they don’t suffer undue hardship because of that loss.

The bottom line is protection, either for yourself or your child, or ideally for both. In the event that it comes down to a question of money, keep in mind that there are plenty of cheap life insurance options out there which can work with virtually any budget.

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