Protecting Your Children's Insurability
The COVID-19 pandemic has been a wake-up call for many about the need for life insurance to protect the insurability of their children. Many parents and grandparents do not want the children to worry about being insurable because of some potential health issues that may develop later in life. Also, when buying a policy when a child is young, lock in low premiums, more options to pay off the policy in a shorter period, and cash value accumulation. Also, depending on the amount of insurance purchased, the child may be eligible for the Accelerated Death Benefits (terminal, critical, and chronic illness coverage) discussed in the previous article.
|