Life insurance is for everyone, even children. Although we don’t seem to talk about children needing life insurance, it is a way of protecting an act of love. Even if your children are still dependant on you, there are reasons why such a policy is a good idea. So, let’s see how important children’s life insurance is, and see if it is a great idea for your family.
As with all life insurance policies, life insurance policies for children are contracts with insurance companies. However, children’s policies are more focused on providing financial protection for the life of the child, but still include protection if the child pre-deceases you. This kind of insurance guarantees long term financial security to a dependant’s child. If your child has a hobby involving risky, such as scuba diving, motocross, or horseback riding, perhaps you should think about getting insurance.
The Benefits of Children’s life insurance:
There are several different types of Children’s Life Insurance. One is to have the child be a “rider.” The child “rides” on your policy and is called a term rider. This dependant is added to the parent’s policy. Term riders usually have less coverage, but because of that, are less expensive. Another type of life insurance for children is permanent or Whole Life insurance. Whole life insurance has lifelong coverage, and is an independent policy that does not have an expiry date. This policy is solely the children.
Getting life insurance for a child is a big and personal decision to be made, and it’s a decision that requires some discussion and research. To choose the best available option for your family, ask your insurance broker at Canadian LIC to advise you. Let your decision be comfortable knowing you have the best information available to protect your family.