Why consider term life insurance for children? People don't usually think about term life insurance for children--they see it as exclusive to older generations. But term life insurance policies are available to children as well, and there are several reasons for considering one. If you're a parent, term life insurance for your child may be worth considering.
What's the point of buying term life insurance for healthy children? In general, buying term life insurance policies for children isn’t popular these days. It’s obviously a difficult and uncomfortable issue to address from a parent’s point of view. Yet, there are some valid reasons for at least considering a term life insurance policy for a child.
There is an ongoing debate among financial analysts, insurance professionals and parents alike about whether buying life insurance for children is a good idea. One of the primary reasons to buy life insurance for adults and children alike would be to pay for funeral and related expenses that could cause a financial hardship on the family members if the unthinkable should happen. Opponents argue that children do not need life insurance, since parents do not rely on the child's income to make ends meet.
Proponents for buying term life insurance for children say there is one major reason to purchase policies that is often overlooked. If you buy term life insurance for children when they’re young and in good health, the premiums will typically be very low. And so long as there’s no lapse in coverage, it’s unlikely the child’s term life insurance policy will be canceled during the term even if disabilities or health issues occur.
If parents are afraid they won’t have the money to cover final expenses if the unthinkable happens to their child, some companies offer affordable term life insurance policies to cover those expenses. Although there is no cash build-up with term life insurance, premiums are typically low. There are companies that provide whole life insurance for children, which can create cash value with options for borrowing against the policy or cashing it in if the need arises. But these policies are usually more expensive than term life insurance.
If you're looking for term life insurance, use the InsWeb.com term life insurance quote form to shop and compare term life insurance quotes for free.