The loss of a child whether sudden or from a disease is devastating for the parents and the family. But to be financially burdened is just so much more to bear. Often their are many expenses involved and those responsible for supporting the family end up missing a lot of work. Life Insurance can help with starting to put the pieces back together.
Child Life Insurance is a form of permanent life insurance that insures the life of a minor. It is usually purchased to protect a family against the sudden and unexpected costs of a child’s funeral or burial and to secure inexpensive and guaranteed insurance for the lifetime of the child. It offers guaranteed growth of cash value, which some carriers allow to be withdrawn (collapsing the policy) when the child is in their early twenties. Child life insurance policies typically offer the owner the option to purchase, or in some cases obtain additional guaranteed insurance when the child reaches maturity. If during your child's youth they become diabetic or suffer other diseases preventing them from getting quality life insurance, having this policy in place will be a true blessing.
Child Life insurance policies typically:
Child life insurance should not to be confused with Juvenile life Insurance, which is issued with much larger face values (normally $100,000 -$10,000,000) and is generally purchased for college savings, lifetime savings, estate planning and guaranteed insurability .
Are you looking for a truly valuable gift for an upcoming birthday, high school graduation, wedding, college graduation, or birth of a child or grandchild? Permanent life insurance provides death benefit protection, creates a living legacy that will accumulate cash value with each passing year, and may help your child or grandchild get a head start on his or her financial future.Need more reasons?
It won't wear out or fall apart. Life insurance can last a lifetime, provided you continue to pay the policy premiums. The policy you purchase for a son or daughter today can still be there years from now providing death benefit protection for your child's future son, daughter, or spouse.
It has accumulation potential. Most gifts lose value over time. A permanent life insurance policy, on the other hand, has the potential to accumulate cash value each year. Cash values can be borrowed against for any purpose—to provide a down payment on a first home, to help pay for college, to capitalize on a business or other opportunity, or even to help fund a comfortable retirement decades from now. (Note: Loans against your policy will accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest; withdrawals reduce the available death benefit.)
There are tax advantages. Under current law, cash values that accumulate in the policy are tax deferred. Even when cash values are borrowed, there may be no tax consequences in many instances. Finally, proceeds received by beneficiaries are generally not taxable as income. Consult with your tax advisor for more details.
Premium rates may never be lower. Premiums generally increase with age. However, with permanent life insurance it is possible to lock in the premium at the insured's current age for life.
This policy can help guarantee future insurability. Once the policy has been issued, coverage cannot be canceled as long as all required premiums are paid. Also, if a Policy Purchase Option (PPO) Rider is included with the policy, the insured has a right to increase coverage at designated dates, regardless of insurability.
Call Battistone Insurance Group, we would be glad to help get your child's/ children's life insurance coverage started today.