Insurance For Children
What is Insurance for Children?
Life insurance for children is a plan for their tomorrow. And it costs less than you might think. Purchasing life insurance for your children comes with some great benefits. It is a wise choice that can become the foundation of a solid financial plan for them later in life.
Five reasons why insuring children is a wise choice:
- Purchasing life insurance on a child ensures they have coverage as an adult regardless of how their health might change.
- The Guaranteed Purchase Option rider guarantees that a child will be able to purchase additional insurance as an adult, without medical underwriting.
Lifetime of Value
- A participating whole life policy combines insurance and guaranteed tax-advantaged cash value1.
- Dividends paid to policyholders offer flexibility in managing the policy and may provide significant growth2 in both the insurance amount and cash value.
- Life insurance is one of the only products available that offers a lifetime guarantee.
- With a guaranteed premium, cash value and insurance amount, life insurance is a unique asset for children.
- Life insurance for children is affordable and you can buy a plan where the cost remains the same throughout their lifetime.
- Buying insurance early in life will cost less and provide children with protection sooner than later.
Easier to Get
- Life insurance is usually easy to get for children, as people are generally healthier when they are young.
- As an adult, insurance could become more difficult to obtain due to poor health, a high-risk occupation or participation in hazardous activities including extreme sports.
1 Cash value may be accessed by a withdrawal, policy loan or surrender. Taxation may apply and a tax slip will be issued as appropriate.
2 Dividends are not guaranteed and will vary upward or downward based on investment return, mortality, lapses, expenses, and other experience.
Get Insurance For Children
Talk to a FaithLife Financial Representative to learn about insurance solutions that are right for you.