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Why should you have insurance on your children?

June 22, 2009 

There are a number of reasons why it makes sense to have a life insurance policy for each of your children.

In the process of putting our financial plan in place,  I decided to take some life insurance on our daughter.  I know this is never a decision anyone wants to think about nor a scenario any of us care to imagine, but the untimely and tragic passing of a friend's young daughter caused us to stop and think.

In my education on Life Insurance I have come to realize that in addition to covering final expenses should something happen, the proceeds can also help cover a number of things I hadn't really considered like any unpaid medical expenses, unpaid college loans, and can even provide you with the financial wherewithal to take some time off from work without having to worry about finances during this time of emotional devastation.

Longer term things to consider are the fact that by taking a policy out now, you:

  • Lock in the rates for permanent insurance at a very young age.

  • Lock in the child's insurability for the amount of insurance you or a grandparent buy on them. 

  • By adding a Guaranteed Insurability Rider, you are locking in the insurability of the many options to buy more insurance on them in the future at stated ages.

  • The policy builds a cash value providing a return for future living benefits.

  • It is a great gift to give a child at the age of majority - one that can last a lifetime and start them off on a sound financial footing.

  • By adding a Disability Waiver of Premiums Benefit, you are protected in the event of a future disability ensuring that your policy will be continued as Farm Family will continue to pay the premiums (as long as the qualifying criteria has been satisfied). 

Some you may have already taken this step as part of a broader estate plan but if you haven't, please pick up the phone and lets discuss the options. 

 

 

 

 

 

 

 

 

 

 

 

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