Life insurance isn’t something that is on the radar of most young people, but personal finance experts often cite an unofficial rule: if you can afford life insurance, you should buy it. Life insurance for kids offers many distinct advantages.
Why Get Life Insurance for My Kids:?
Many people don’t realize it, but getting life insurance for your kids or adding your children to your policy can be a major boon. First, if your children have life insurance while they are still minors, they can be guaranteed to qualify for it later in life. This can make a big difference if you have a history of hereditary illness or genetic conditions in your family, or if your children are at risk of developing diseases that would otherwise make it difficult for them to get insured down the road.
Getting insured early in life can also help your children lock in the lowest possible rates, compared to what they might pay if they were to wait until adulthood. While nobody likes to think about it, life insurance for kids is also an excellent way to hedge against the unexpected expenses that can accompany the sudden and tragic loss of life. If your kids are insured and the unthinkable happens, life insurance can also cover your lost wages and earnings while you deal with final arrangements and the grieving process.
Life Insurance for Kids Can Double as an Investment Plan
When you get the right kind of life insurance policy for your kids, you aren’t just tucking money away to cover unexpected expenses. You’re making an investment in your child’s future, as life insurance for kids can double as an investment plan.
Life insurance plans that offer accumulated cash values can later be redeemed to cover educational expenses and down payments on homes, or as retirement savings or startup capital to launch a business. Policies with accumulated cash values also have life insurance benefits values, so they can still be claimed if loss of life occurs.
Contributing to this kind of plan on a monthly or annual basis beginning in the child’s first year of life and continuing through age 20 can add up to tens of thousands, or even hundreds of thousands of dollars down the road. The exact accumulated value will depend on when your child redeems the policy’s cash value — the longer he or she waits, the greater the cash value will be.
Resources to Help Keep Your Family Even More Safe
Families are wonderful, but they’re also the source of a lot of worry for parents. At Lane’s Insurance, we provide extensive resources and practical tips for helping keep your kids safe at every stage of their growth and development.
Our blog library includes articles on:
- Car seat regulations for Alberta drivers, which can save your child’s life in the event of a collision or accident
- Tips for keeping your kids occupied during long car trips, as unsettled children can be a big distraction that draws your focus away from the road
- Helping your children become safe, responsible drivers once they reach their teen years, and choosing affordable auto insurance products that meet your changing needs
- Protecting your children’s valuable items if they go away to college or university and live in on-campus or off-campus housing
- Building a reserve fund to cover unexpected expenses arising from the accidents and oversights that invariably accompany childhood and development
Call Lane’s with Questions about Insurance Products for Kids and Adults
Lane’s Insurance is a leading Alberta-based insurance brokerage. When you deal with Lane’s, you can rest assured that the team is working to protect your best interests, and not to pad the pockets of the insurance companies. Brokers work for you, not for the insurers, so you’re guaranteed to benefit from their commitment to protecting your best interests.
As an added benefit, Lane’s Insurance only works with Alberta’s top carriers, including the most trusted names in the province’s insurance industry. Lane’s can even get these companies to bid on your business, helping you lock in the best possible rates on the market while enjoying the security that comes from choosing a reputable insurer.
In addition to life insurance, you can count on Lane’s to meet all your insurance needs, including auto, home, travel and umbrella insurance. To learn more, please contact a Lane’s Insurance customer service representative.