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Child Life Insurance
Child Life Insurance is a sensitive topic and may not be necessary for everyone. However, some parents choose to purchase life insurance for their children to provide financial protection in the event of an unexpected tragedy. Here are some common child life insurance options to consider:
Term Life Insurance: Similar to adult term life insurance, term life insurance for children provides coverage for a specified period, such as 10, 20, or 30 years. If the child passes away during the term of the policy, the death benefit is paid out to the beneficiaries, typically the parents or guardians. Some term life policies for children also offer the option to convert to permanent life insurance later in life.
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Whole Life Insurance: Whole life insurance for children provides coverage for their entire life, as long as premiums are paid. It also includes a cash value component that grows over time. Parents can use the cash value to help fund future expenses such as college tuition or a down payment on a home. Additionally, the child can take over ownership of the policy as an adult and continue paying premiums.
Universal Life Insurance: Universal life insurance offers more flexibility in premium payments and death benefits compared to whole life insurance. It also includes a cash value component that can be accessed during the child's lifetime. Universal life insurance policies often allow for adjustments to premium payments and death benefits as the child's needs change.
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Child Rider: Instead of purchasing a separate life insurance policy for a child, some parents choose to add a child rider to their own life insurance policy. A child rider provides a smaller amount of coverage for the child in addition to the coverage provided for the parents. This option may be more cost-effective than purchasing a separate policy.
Before purchasing child life insurance, it's essential to carefully consider your family's financial situation and long-term goals. Cunningham Ascension Group can help you determine if child life insurance is the right choice for your family.