Life insurance for a child

When you look at your child, you may see someone care-free and full of life. The last thought on your mind is whether your child needs a life insurance policy. Is it really necessary?

A life insurance policy is usually used to provide replacement income if a parent dies. A life insurance policy, however, does more than that. It also can pay outstanding bills, such as those arising from a funeral Also, if your child is ill or injured in an accident, he or she may leave behind medical bills. Proceeds from a life insurance policy would help with you pay them.

When considering how to purchase a life insurance policy for your child, you have a few options. One of them is to purchase a policy specifically for your child. The other is to add a rider to your life insurance policy. This rider would specifically cover your child in the event of death. A rider such as this is relatively low in cost.

As always, consider what is best for your family and your financial plan. We are available to talk with you about how best to provide life insurance for you and your child.