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Do Kids Need Life Insurance? 3 reasons they might

Updated: Nov 9, 2021


Does anyone NEED life insurance? After all, It’s not food, water, or shelter. There are a lot of good reasons for children to have life insurance though.


Life insurance policies purchased for children are whole life insurance policies since Term life insurance policies can’t be purchased for a child. There are several differences. While whole life policies are known to be more expensive than term insurance, whole life policies are highly customizable and can be tailored to fit your financial needs. The price, payment schedule, amount of coverage, ability to grow cash value, and many other features can be adjusted. It’s also worth noting that as a rule of thumb, life insurance is generally far cheaper for children than it is for adults. If you could secure a great deal on life insurance for your child that would last their whole life, is that something you’d be interested in?

Protecting your child for the rest of their life –

Insuring your child is a great way to protect them for the rest of their life. You can provide their loved ones with a safety net even if your child lives to be 100. Not only that, but the cash value which builds inside the policy can benefit them in many ways down the road. Depending on the structure of the policy, your child can use cash value as emergency savings and can even buy their cars with it.

"...Life Insurance Is generally far Cheaper for Children than it is for adults"

Protecting your child’s future insurability –

Insurability is a person’s ability to obtain insurance. Diseases like diabetes or other health issues can drastically affect both a person’s ability to obtain life insurance and their cost of life insurance. Having a policy in place can help keep them from becoming uninsurable in the future. If they do become fully uninsurable, this policy will at least provide a safety net in place for their spouse and children.

The Untimely Passing of a Child –

In the truly awful event that someone were to lose their child, we are certain they would want time to themselves over the coming months. The policy could provide parents with the money needed to take a leave of absence from work. The last thing they would want to concern themselves with during that period of their life would be funeral expenses or hospital bills incurred while doctors were fighting to save them.

If insuring your child’s life is something you’re interested in, isn’t this topic worth a 15 minute call with an experienced financial advisor?

Click or call 440-871-3067 to speak with Michael Romanello of PRO Financial Network. Mi has over 18 years of experience as a financial advisor and works with clients to guide their financial futures.


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