Vancouver Life Insurance Policies For Children

We often get inquiries for life insurance policies for kids.  While it may not be intuitive why a parent or grand parent would consider buying life insurance on children, we need to go back to the needs that life insurance address.

Vancouver Life Insurance Advisors – Venture First Advisory

Life Insurance for Children

Life insurance protection is to relieve loved ones of the financial burden arising from a loss of income, a surviving debt, or unpaid final expenses from a death.  Life insurance needs are not as prevalent we are young but increase over our working years as we accumulate income, debt, and dependents who rely on our income.  After we retire, the debts tend to be reduced and the retirement income usually continues or is paid out in a lump sum on death.  While it makes sense to carry life insurance coverage only during our highest risk working periods and closer to end of life to cover final expenses, the costs are also much higher during the years of highest need.  Health concerns also accumulate as we age and add to the cost of or inhibit our ability to get life insurance.

For those who plan well in advance, one way to minimize the cost of life insurance is to purchase the life insurance for their children, while they are young and healthy and the costs are the lowest you will ever get.  Many child life insurance policies are limited pay, which means they are paid-off after a number of years and you no longer have to worry about paying for the policy.  The type of life insurance for children usually grows over time and have both a growing death benefit and growing cash value assets for future use.

Life Insurance For Children Is A Growing Lifetime Asset

In summary, buying life insurance for your children is a way of gifting them both a growing lifetime asset and lifetime life insurance coverage at the lowest possible cost ever.