Do your children need life insurance? Is it a valuable investment or a waste of money? The debate is heated, and there are several pros and cons of purchasing life insurance for your kids. Carefully consider all the aspects of any available policies before making a decision for your family.
The primary advantage of life insurance is its death benefit. Most adults purchase life insurance to provide income for their families when they are no longer around to support them. Since children are not typically the breadwinners in their families, income replacement is not a major issue. First things first, parents should always make sure they have adequate life insurance before purchasing a policy for their children. However, families may need money when a child passes away in order to cover funeral expenses or pay for medical bills. A small term life policy is a cost effective alternative to whole or permanent policies; adding your children to your policy costs even less.
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