People have been buying life insurance coverage on their children for decades in America.
There are many reasons, but here are some of the most common:
To Pay Funeral Costs - It's meant to help pay off funeral costs and the cost of living while grieving. If someone to lose their child and had life insurance on them, then hopefully they would have the financial ability to take off time from work and grieve over their loss.
Insurability - It is wise to purchase life insurance as young as you can be. As you grow up, you might have a decrease in your medical status, which may lead to you being rejected for insurance, or be required to pay more or even be excluded for preexisting medical condition. Buying your child life insurance buy him/her also the opportunity to continue it as adult at favorable rates
Savings Plan - Some life insurance plans for children build cash value which may be used to take a loan from in the future.
Learn about about life insurance for child plans and how they may help your children.
Insurance without any Medical Exam,
Just a Few Health Questions.
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