Pros and Cons of Child Life Insurance
Term life insurance is a relatively inexpensive choice and most parents could easily factor in the monthly payments into their financial plan. Whole life insurance on the other hand includes the death benefits as well as a cash value component. This cash component can be withdrawn (after a period of time and with certain restrictions and applicable fees) or stand as collateral for other loans, thus making whole life insurance into an investment vehicle as well. Whole life also provides coverage for the entire life of the policyholder and is therefore also much more expensive in terms of premium rates. Purchasing a whole life policy for your children can be considered a forced investment (the cash value can be later used to pay for their education for example) but would require a serious commitment from the parents with regards to budgeting their monthly expenses.There are many people who insist that buying insurance for your children is money down the drain. Insurance is a way to provide for the family in the absence of an income or care of the wage earner or homemaker in a household. Since children do not earn an income, they feel that there no need to spend on the eventuality of their death? Well, there are many reasons to do so. When you purchase a policy for a child at a young age, and if they fall ill later, they are already insured. They won’t have to undergo another medical exam that might lead to higher premium rates or even non-eligibility for insurance. Experts also suggest treating insurance as way to save for your children. Yes, there may be other more lucrative ways to invest the same amount of money – stocks and mutual funds for instance but these are subject to market risks and may lead to future losses.Pages: 1 [2] 3
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