It can be difficult to think about a time when your child may need a life insurance policy, but there are reasons why children need life insurance. Many adults have difficulty thinking about life insurance for themselves, so it’s no wonder it’s something many parents fail to think about for their children too. Understanding the types of life insurance and how they relate to children will help you make the right decision for your family.


One of the greatest advantages to buying children’s life insurance is the affordability of the policy. Because of the low risks and the child’s young age, the premiums on their life insurance policy will be considerably lower than those for an adult or for someone who has serious health issues. While getting a policy early will mean paying for more premiums over your child’s lifetime, the monthly costs will be significantly lower.

Guaranteed Life Insurance in the Future

There are several types of life insurance, including term and whole life. Regardless of which type you buy for your child, you are giving him or her the gift of life insurance in the future. A whole life policy can be rolled into an adult policy when your child gets older and will often keep lower premiums than if your child waited until adulthood to purchase a policy. Even if you buy a term policy, insurance companies will recognize your child has previously been covered, allowing him or her to invest in insurance, even if they have medical problems.

Build Cash Value

A whole life policy will allow you to build cash value your child can use in the future. These children’s life insurance policies will build value your child can borrow against as an adult, giving him access to an emergency fund. However, it’s important to make sure your child knows this type of loan should only be used in the case of an emergency.

Just in Case

No one wants to think something horrible can happen to their child. Unfortunately, children are not immune to disease or accidents. Buying a life insurance policy for your child will help you financially manage if the worst should happen. Funeral costs can be as much as $10,000, which is difficult for anyone to afford. When you’re grieving for a child, the last thing you want to do is to have to worry about where you will get the money to cover all the costs, especially if you miss time at work. There are many reasons why children need life insurance. While it’s difficult to consider the potential need for insurance, a tragic event isn’t the only reason to consider coverage. Children’s life insurance can set your child up for a lifetime of good coverage without having to pay the high premiums individuals without previous insurance may have. For this reason alone, it’s important to consider purchasing a policy for your child as early as possible. If you’re interested in getting quotes for children’s life insurance, contact us. Steven Graves Insurance Agency can help you find the ideal policy to give your child the right start.

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