A universal perception is that life insurance was intended to provide relief for dependents in case breadwinners died. However, at The Insurance Place, we have a different perspective. Consequently, we want to interest our esteemed clients in Rochelle Park, NJ with three reasons why a life insurance policy for your child is a good idea.
Did you know that factors like obesity, cancer, diabetes, and HBP can affect your child’s insurability? A crucial benefit of buying life insurance for your child is that they will always be covered irrespective of their future health. It is essential to verify with your agent at The Insurance Place that the policy you are buying will cover your child throughout their life notwithstanding their impending medical issues.
Relief During Grief
Most parents hope that their children will outlive them. However, during the untimely occurrence of a child’s death, daily responsibilities may be overwhelming. As such, a life insurance payout can relieve you with the financial load. This disbursement could cater to medical bills, burial expenses, and family counseling. Similarly, it could provide finances for the household to get by in case you may need to take leave from your employment to grieve your loss.
Acts as a Saving’s Vehicle
A permanent life insurance policy’s cash value increases tax-deferred. Consequently, the policy owner can withdraw or borrow against the policy’s savings component to finance living benefits such as college tuition, a vehicle, or a down payment on a house. While a life insurance policy isn’t designed to serve primarily as a tool for savings and investment, it is a significant tool that parents can consider.
Policies vary significantly depending on the company. Therefore, get in touch with us, and one of our agents in Rochelle Park, NJ can help you to ensure that your kid capitalizes on their policy.