Why Buy Life Insurance On Kids?

  1. 16470 POINTS
    David Osgood
    Agent, Rural Mutual Insurance Co., Union Grove, WI
    Buying life insurance on kids is a good idea because it costs the least it will ever cost in their lives and it also can ensure their insurability. Most juvenille policy will have the option of allowing the child to increase the policy face value at some future point without having to go through another medical exame and pay only what the premium would be based on the amount of coverage added at the price that coverage would be at that age. When purchasing a childrens policy most carriers require that the parents have coverage at the same level as the child's policy or higher. Contact your local agent to find out what types of policies they have to offer to meet your needs.
    Answered on July 2, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Most advisers begin addressing long term care insurance with the clients around age 50. But the buying public tends to purchase long term care insurance around age 60. A couple of considerations here: You want to buy long term care when your healthy an relatively young to afford the premiums. But even if you’re healthy, what’s the predisposition of your family regarding assisted living and nursing home confinement? If there’s negative health history, then buying long term care earlier may be more prudent.
     
    Answered on July 2, 2013
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