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Child Life Insurance

The very idea of getting a child life insurance policy can be difficult to appreciate. And there is every reason for such reactions. But if we are going to think objectively, a life insurance policy can be of great help at anytime there is a need for that.

What is Child Life Insurance?

The very basic idea about child life insurance is it is not for the parents but for the child itself. Parents don’t go through child life insurance quotes to find the best deal for themselves, but they do so for their child. When your child grows up and is no longer eligible for child life insurance it can be upgraded to normal life insurance without further medical check ups. And the premium one has to pay for that is also significantly low.

There is another alternative for you too. What you can do is take advantage of one of those supplements where you are allowed to add a rider to your own life insurance policy where by just paying $5 extra every month you can actually insure your child for $10,000. This is a great way to save money and also insure your child.

All those who are against child life insurance argue that the chances of a child dying are much less compared to an adult. They further put forward the theory that, strictly speaking on monetary terms, we should insure something to protect us against financial loss. Since most children, except those who are acting on television or films, do not have a source of income, it is pointless to insure them.

Although such an argument seems convincing enough, there are two flaws to that argument.

How Will the Insurance Money Be Utilized?

First of all, as described earlier parents buy these policies not for themselves, but for the benefit of their children. And secondly, in the extremely unfortunate event of a child actually dying, the insurance money can be used for the funeral services. If a family doesn’t invest on child life insurance policy and something happens, they have to pull money out of their existing investments which might result in severe tax penalties.

Some parents may also find it difficult to handle such a situation all by themselves and they might need counseling sessions. The fees for this can be paid from the insurance money. They can also take a trip to leave it all behind for a few days.

Some parents actually take out regular cash value life insurance policies for their children. Their argument is that the money received can be used for college funding. However this doesn’t make sense. First of all one needs to pay higher premiums. More importantly why buy it out for the child. If he is going to die who will study. Instead the parents should have such a policy, because in case of their death; the child would still need to go to the college.

Yes, it is a question of lot of emotions. Many feel getting child life insurance might mean something ill for the child. Fact is, there’s nothing wrong. Your child is going to benefit most probably. At the end of the day it’s just a cover.

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