While life insurance is usually associated with breadwinners, there are some good reasons to get it for a child. But, it’s very much a case-by-case product, so it’s worth getting advice.
Child life insurance is usually a whole life policy that starts much earlier in life than usual. It has advantages.
- It can cover funeral costs, counseling and leave from work in the tragic event that your child dies.
- 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 in the meantime.
How relevant and significant these benefits are will depend on your financial circumstances, your other savings and investments and your attitude toward risk.
To get more insight into whether child life insurance is right for your family, contact us today.