Lifeinsurance.org Resource and Information Center today reported the need for parents to acquire Children Life Insurance. Looking down on your bouncing little bundle of joy, the last thing you ever want to think about is – do I need to have life insurance for my child? As unpleasant a thought as it may be, the truth is tragedies do happen to children, and our job as parents in all things regarding our families is to hope for the best, but be prepared for the worst.

Be it homeowners, flood or auto insurance that kind of “being preparedness” is the very purpose of any kind of insurance – and life insurance for your child is one of those better to have it and never ever need it kind of things, then to need it, and not have it.

There are some circumstances where there is no question that you need to have life insurance for a child. What if they actually are the primary breadwinner in the family? If you are the parent of a working child in movies, TV or the like – then absolutely you need life insurance on that child. But even for those of us who are not the Mom or Dad to the next Hannah Montana – it still could make sense to have life insurance for your child. Here are a few good reasons why:

* By buying a life insurance policy for your child now – when they are young and healthy you lock in low rates for future premiums, and insure that they will not be without life insurance should they experience some health problems later in life.
* Purchasing a Whole Life Insurance policy now, becomes a perennial investment for your child, one that will eventually pay for itself.
* In the event of the tragic loss of a child, at least you will know funeral and burial costs will be taken care of

As an alternative to buying a separate life insurance policy for a child, if you have a current life insurance policy you may be able to add you child as rider to that policy. Such riders are most often applicable only until the child reaches a certain age, usually 21.

Via EPR Network
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