There are some excellent reasons to get life insurance for a child, and it’s case-by-case, so it’s worth getting expert advice. Juvenile life insurance is usually a whole life policy that starts much earlier in life than usual. Here are the main advantages. – It can cover funeral costs, counseling, and leave from work in the tragic event that your child dies. – It can be a form of savings, particularly for college fees. Most child life insurance policies build up a cash reserve you can withdraw (for a fee) or use as security on a loan. In most cases, the growth of this cash reserve is at a guaranteed rate.
Starting a policy now reduces the risk of your child having trouble getting a policy themselves as an adult if they’ve developed a medical condition. To get more insight into whether juvenile life insurance is right for your family, contact Relyance Insurance Services today.
