Buying your child life insurance when they’re young and healthy has many benefits. As we’ve mentioned, the cost of life insurance largely depends on age and health, so buying a child life insurance means you can get a policy on them that’ll lock in that low rate for the life of the policy (as long as premiums are paid) and ensure that they have life-long life insurance coverage. You can get them a low coverage limit that may simply cover the cost of final expenses, and they may be able to add coverage as they get older.
Buying a permanent life insurance policy on a child, such as DreamSecure Children’s Whole Life, is also a simple way to provide some financial protection. A permanent life policy gains cash value, which can be borrowed against2 later in life to help with things like a down payment on a home or college tuition.
Find out more about the benefits of life insurance for children.