Child insurance

Insurance planning for your child

I always come across the question “Why do I want to get life insurance for my child?” They have no dependents. Since they are not earning income now, there is no income replacement needs for them.”  In most of the time, getting life insurance for a child does not bring immediate benefits. However, the idea is to prepare for their future. When a child grows up and have their own family, they would definitely have the insurance needs. At that time, it’s not hard to imagine, your child would have lots of expense to be taken care of. (i.e.: Mortgage, car lease, utilities, groceries, etc). Wouldn’t it be nice if they have a life insurance policy that is already been paid up?


Furthermore, if you wait until your child grows up to get the coverage, the child is also running the risk being of uninsurable (i.e.:Application is declined due to health conditions or occupation). Even if the child is insurable in the future, the premium will definitely be a lot more expensive than now. Therefore, getting the coverage when your child is young and healthy is worth considering.


I personally like policies that can be paid up. That is you only pay premium for a pre-stated period of time, (i.e.: 10, 15, 20 years), then the coverage would last for life. However, the top priority is still to have coverage on the parents first. Afterall, the future of our child is depended on us.


[info] To learn how to get the coverage that will grow with your child overtime, feel free to contact me [/info]

Disclaimer: Image Courtesy David Castillo Dominici/