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Home » Do Children Need Life Insurance?
November 1, 2023

Do Children Need Life Insurance?

Life insurance is a type of coverage that provides a death benefit, or payout, at the time of death. It is meant to provide your loved ones with the financial support they need after losing you, a financial contributor to the home.  

While most adults who have dependents, debt or desires to leave funds behind to support their family should have life insurance, it is not as clear if children should have this coverage. Only you can decide if this is the right decision for your needs. However, there are more benefits to having it than you may realize. 

Getting Insurance Now Protects Them for Years to Come 

If your child develops a health condition in their later years of life, such as when they are an older teen, they may not be eligible to obtain life insurance after that point. Even if the condition is cured, he or she may be restricted from obtaining life insurance later on. However, some policies, if purchased while the child is very young and healthy, can offer lifetime coverage. The bottom line here is that if you want to be sure your child has life insurance in place no matter what, buying it when they are very little is an important consideration. 

The Costs of Funerals are Expensive 

Final costs associated with the death of anyone are high. In some cases, the cost of a person’s funeral expenses and burial can top $20,000 on their own. Then, you will need to add to this any final expenses related to their health and medical care. It can add up quickly and become too hard to pay. With the help of a children’s life insurance policy, you may not have to worry about the financial limitations created, but rather can focus on your child instead. 

Some Policies Provide Financial Support 

Also, take the time to consider life insurance policies that allow you to borrow against them to use the funds for college expenses. Not all policies offer this benefit. For those that do, it can be an obscure way to reduce the out-of-pocket costs you will pay for your child’s education. 

Life insurance for children does offer benefits. While they may not be a wage earner, there are many reasons why you should maintain life insurance for them. 

Ready to learn more? Call Lone Star Insurance Agency at 817-641-3676 or 817-426-2886 for more information on purchasing life insurance for your family. 

Categories: Blog

Tags: burleson insurance, cleburne insurance, insurance, life insurance, lone star insurance agency

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