Should I Buy Life Insurance for My Child?

For some dilemmas, some life insurance agents will make parents feel guilty for not buying life insurance for children by telling them it was not love. You love your children, but the evidence is not in buying their life insurance quotes. Do you want to buy a child's life insurance policy or not, the choice is totally up to you. Consider some of the pros and cons and decide what is best for your family.

Buy life insurance for yourself first. The parents, who do not have a life insurance policy, do not have to buy life insurance for their children. Life insurance is meant to replace the income of family members productive when people die suddenly. It provides families with the cost of living that allows families to stay in the same comfortable lifestyle they are used to. Life insurance is intended to protect children and safeguard their future, not vice versa. Buying life insurance for your child when you've neglected to get policy for yourself that makes no sense.

Some people will argue that they are not trying to make money for themselves out of the child's insurance policy. They want to buy a single child policy as an investment vehicle and to keep the interest of their children. There are others who say that they would not mind receiving financial compensation for the loss of children who do not mind a little extra cash?

Buying a child's life insurance to ensure your child insured. This is especially useful if you have a history of genetic disease in the family and there is a good chance that your child may develop as he / she grows older. You should know however - your child's chances of developing the disease that would make it uninsurable very thin which is why child life insurance is not a very popular product. According to the American Council of Life Insurers, only 15 percent of those under 18 have child life insurance policy. Most of it is policy that includes rider’s young adults. The benefit is usually just enough to cover funeral expenses.