Getting a life insurance policy for your child is a controversial subject, depending on who you ask. Some people say that it’s pointless because the loss of a child doesn’t equate to a loss of income. If you buy life insurance simply for income replacement then no, there isn’t a need for life insurance coverage on them. But it is a good idea if you consider the other reasons why parents and grandparents do it.
Life insurance for a child is cheap. Life insurance premiums are based on age and health. That’s why life insurance for a child is so inexpensive. The earlier you get it, the cheaper it is. You can essentially lock in a ridiculously low price for life insurance for your child and pass it onto them when they get older. If you buy a 20 pay policy, then it will be paid off in 20 years so you can give your child the gift of a fully paid up life insurance policy. They might not appreciate it when they’re young, but when they get older and have a family of their own, they’ll be grateful.
Permanent life insurance builds cash value. A whole life insurance policy will build up cash value over the years. This can be a nice gift to give to a child when they reach the age of maturity. After 20 years of premium payments, there can be sizable amount of money in the policy. I’ve seen young adults use the cash value to help pay for college or even use it as start-up money for a small business. Although cash value has to be borrowed and paid back with interest, it is there to use if necessary.
You can guarantee your child’s insurability. If your child is unfortunate enough to be diagnosed with an illness or disease, it can be very difficult to find affordable life insurance coverage. My son was diagnosed with Type 1 Diabetes at 2 years old so I know firsthand the risk of losing insurability. Never in my wildest dreams did I think my healthy, rambunctious 2 year old would have a chronic illness. Luckily I did have a life insurance policy for him. Otherwise, he would be locked out of affordable life insurance plans. When you get a policy for your child while they’re young and healthy, you guarantee that they’ll have life insurance coverage because it cannot be canceled no matter what health issues might come up.
Financial protection in the event of your child’s death. It’s something that no parent wants to think about, but it does happen. The loss of a child is probably the hardest thing a parent can ever go through. A life insurance policy can help in two ways. If your child were to die, you would have some financial protection to cover the cost of a funeral as well as any loss of wages due to time off from work. You would need time to grieve and a life insurance policy can provide money to take time from work.
If you are thinking about purchasing a life insurance policy for your child or grandchild, you should get a free quote and compare your options from multiple highly rated carriers. There is no medical exam needed and policies are typically approved in a few days. If you have questions about the type of policy you need, then call 1-877-801-4402 to speak with an experienced insurance professional.
Related Posts:
Life Insurance Quotes for a Child
If you are eighty years old and looking for life insurance, you should know that there are still options available.
At age 80, most people are looking for burial insurance or final expense insurance to cover the cost of their funeral so they won’t leave a burden on their families. A typical funeral can range from $6,000 to $12,000, but there are other final expenses such as taxes, attorney’s fees, probate costs, and debt payments that need to be addressed as well.
Some features of final expense insurance:
- Permanent whole life insurance
- Available for ages 50 to 85
- Face amounts from $3,000 to $30,000
- No medical exam; just answer a few health questions
- Level premiums for life
- Builds cash value over time
If you are 80 years old and looking for life insurance, then a burial insurance or final expense policy is the most affordable way to get coverage. Even with pre-existing health conditions, you can still obtain coverage. If you have more serious health issues such as cancer, kidney failure, or heart disease then you can still obtain coverage with a guaranteed life insurance policy. Get a free quote today to compare multiple rates from top carriers. If you have questions then please call 1-877-801-4402 to speak with an experienced insurance professional about your situation.
Related Posts:
Life Insurance that Doesn’t Ask Any Medical Questions?
Final Expense Life Insurance Can Prevent Financial Disaster
Life Insurance at Age 70
Baby Boomers Burial and Final Expense Insurance
Life Insurance for Funeral Expenses
If you need type 1 diabetes life insurance coverage, then you should know what your options are so you can make the most informed decision.
Options for Type 1 Diabetes Life Insurance Are Better Than They Used to Be
It’s no secret that diabetics can have a challenge when shopping for life insurance, but the options for type 1 diabetes life insurance are better since medical advancements have made diabetes control easier and more efficient. It used to be that a diagnosis of diabetes meant that no one would insure you, but there are now many companies who will offer a standard rate for diabetics who manage their blood sugar well.
Life insurance underwriting for diabetics focuses specifically on control and regular doctor’s care. An A1C of 7 and below is considered optimal. Underwriters will also look at whether or not you see your doctor for regular appointments, and what your other health factors are such as height, weight, blood pressure, and cholesterol levels.
Ratings for Type 1 Diabetes Life Insurance
Standard Rating: If your A1C is 7 or less and you have no other health issues, then some companies will offer you a standard rating, which is what the average person will pay.
Rated Up: If your A1C shows moderate control, but you have high blood pressure or cholesterol issues, then a carrier may offer you type 1 diabetes life insurance with a table rating. This means that you will pay 25%, 50%, or 100% higher than a standard rating.
Guaranteed Issue: If you have a high A1C coupled with other health problems like high blood pressure and high cholesterol, then you will probably be denied by most life insurance carriers. Your last option is a guaranteed life insurance plan. The rate will be higher and the maximum amount of insurance that you can get is $25,000. Your policy will also have graded benefits, meaning that your death benefit is not fully payable until year three.
The bottom line is that there are definitely options for type 1 diabetes life insurance coverage. You should know that there are certain companies that are known to be more reasonable with diabetics, while other carriers very rarely insure anyone who has type 1 diabetes. The key is to work with an agent who is knowledgeable about which carriers are better for type 1 diabetes life insurance. Make sure that your agent works with multiple carriers, and be upfront with them about your diabetes. Get a free quote today to compare multiple rates from carriers. If you have questions about your situation then call 1-877-801-4402 to speak with an experienced insurance professional about type 1 diabetes life insurance options.
