Child life insurance, should you buy it now?
That is a great question and if you are blessed with a little one the answer is yes!
In this post, I will highlight 3 simple reasons why you should buy child life insurance now.
3 reasons why you should buy child life insurance now
- Easier Approval Process
- Future insurability and benefits
A child life insurance policy is listed as a “child policy” when the primary insured is age 17 or younger.
And a life insurance policy’s cost of insurance is based on two major factors;
So generally, if your child is age 17 or younger, they are also very healthy.
These two major factors alone generally make the cost of a child life insurance policy very affordable.
Check out this below client example.
Evan, age 2 can get $250,000 in permanent life insurance coverage for only $63 a month.
This policy is designed to be permanent and never end.
Meaning that Evan’s premiums will be locked in at only $63 a month for life.
Now take a look at the same exact $250,000 policy on a 33-year-old male.
James, an Elite health male age 33 would have to purchase the exact same policy for $195 a month.
$195 a month for literally the exact same policy with the same coverage amount.
This is a great example of the cost of waiting.
2. Easier Approval Process
When purchasing a child life insurance policy the application process can be much easier.
The hoops to jump through in comparison to applying as an adult, are significantly less.
Generally, when children apply for life insurance, there are no medical exams or telephone interviews.
With this, the application processing timeframe is significantly reduced.
In addition to not having a medical exam, there is little to no medical history to review.
And with no medical history to review, the underwriter generally approves a child life insurance policy within a couple days.
Versus an adult application that could take a few weeks to a few months to process.
3. Future Insurability and Benefits
Last but not least and in my opinion, the most important reason why you should buy a child life insurance policy now versus later is future insurability.
What does future insurability mean?
This means that you are locking in their current healthy age and no matter what happens in the future your child’s life insurance needs are set.
Now, we never want to think about bad things happening to our kids.
However, everyday American children are either injured or pass away due to injuries and illnesses.
It would be naive and irresponsible to think that this could not happen to your child.
That is why purchasing a child life insurance policy can be so important.
Especially if it has living benefits.
See, with living benefits, your child is now financially protected against major illnesses, injuries, and diseases.
With living benefits life insurance, you can access the death benefit up front while your child is alive if they get sick.
This money could save their lives in the time of need.
Imagine your child gets sick and your health insurance doesn’t cover everything.
Would you want to skimp and get mediocre care?
Or would you want the best care money could buy? I’m pretty sure you would want the best care.
Am I right?
Also, with permanent living benefits life insurance on your child, your smart planning will set them up for life.
They would no longer have to apply for coverage when they are older unless they wanted more.
There are also additional benefits for your child such as cash accumulation.
This money is technically yours and as the owner of the policy, you can do whatever you want with it.
Some parents give the cash to their kids when they are older.
Some keep it in the policy for their own retirement.
Again, the cash value is yours and you control how it is used.
So in conclusion, these 3 reasons to purchase a child life insurance policy should be enough motivation to get it done today!
Especially since it can be very affordable and make life easier for your child in the future.
Your smart planning will help you sleep easier at night and truly bring you additional piece of mind.
Now, I understand you might have a few more questions and that is great!
Call us today to get you a personalized child life insurance quote, it will only take a few minutes over the phone.
We can answer any questions you might have and send you a few options for your review.
Please don’t delay we are here ready for your call.