Child whole life insurance is a type of coverage that pays benefits upon a child's death or disability plus it includes an investment portion. Here are 7 questions answered about child whole life insurance.
1. Is child life assurance really necessary?
The main purpose of life insurance is to substitute an income that is lost when a person dies. A child rarely has an income and the loss of a child will actually relieve you of a financial obligation. The flip side of the coin is that, if your child dies, you are left with funeral costs and maybe medical bills. A child may also need money for college and some people may buy a child whole life assurance policy with the idea that it will build up cash value to provide for this.
2. How expensive is it to cover your your child?
Life cover for children is relatively low-cost compared to adult life insurance because children rarely die. A whole life policy is obtainable at a minimum cost when a child is young and healthy. If a child develops a chronic disease, that same assurance can become difficult to obtain.
3. Who may purchase a life cover policy on a child's life?
Parents, legal guardians and even grandparents can purchase child life insurance. They will, of course, be the beneficiaries in the event of the child's death.
4. What about the rates of such a life cover policy?
The rates for child life assurance may differ. Term life assurance rates depend on the policy, age of the child and other factors. Whole life assurance rates stay the same.
5. What can I do if I do not want to buy a separate policy for my kid?
You may be able to add a child death benefit rider to an existing policy on your own life. You may also consider saving or investing the money you would spend on insurance premiums. The money can be available in case of death and it can also be used for other purposes such as tuition fees.
6. What are the possible benefits of child life assurance?
7. What about medical exams?Your child will not be required to have a medical exam to qualify. Just answer a few short health questions on the application about your child. Your child will be covered from the first day the application is approved.
That was 7 questions answered about child whole life insurance.
1. Is child life assurance really necessary?
The main purpose of life insurance is to substitute an income that is lost when a person dies. A child rarely has an income and the loss of a child will actually relieve you of a financial obligation. The flip side of the coin is that, if your child dies, you are left with funeral costs and maybe medical bills. A child may also need money for college and some people may buy a child whole life assurance policy with the idea that it will build up cash value to provide for this.
2. How expensive is it to cover your your child?
Life cover for children is relatively low-cost compared to adult life insurance because children rarely die. A whole life policy is obtainable at a minimum cost when a child is young and healthy. If a child develops a chronic disease, that same assurance can become difficult to obtain.
3. Who may purchase a life cover policy on a child's life?
Parents, legal guardians and even grandparents can purchase child life insurance. They will, of course, be the beneficiaries in the event of the child's death.
4. What about the rates of such a life cover policy?
The rates for child life assurance may differ. Term life assurance rates depend on the policy, age of the child and other factors. Whole life assurance rates stay the same.
5. What can I do if I do not want to buy a separate policy for my kid?
You may be able to add a child death benefit rider to an existing policy on your own life. You may also consider saving or investing the money you would spend on insurance premiums. The money can be available in case of death and it can also be used for other purposes such as tuition fees.
6. What are the possible benefits of child life assurance?
- Premiums are less expensive than it is for adults.
- Child whole life assurance can build significant cash value that can provide a financial net for your child later in life.
- The insured child has the option to borrow against their life assurance policy or cash in their policy for the accumulated value.
- Life cover guarantees your child life assurance protection for the rest of their life.
7. What about medical exams?Your child will not be required to have a medical exam to qualify. Just answer a few short health questions on the application about your child. Your child will be covered from the first day the application is approved.
That was 7 questions answered about child whole life insurance.
TIP:
When you want life insurance for your child you should consider that variable universal life insurance have long term investment benefits.
Article Source: http://EzineArticles.com/?expert=Gert_HoughWhen you want life insurance for your child you should consider that variable universal life insurance have long term investment benefits.
Article Source: http://EzineArticles.com/3662629
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