Life Insurance for Children Offers Security for Families

Life Insurance for ChildrenEverybody wants to believe that his or her children will live to grow old. Unfortunately, tragedies do occur and some children pass away when they are young. Whether it is by an accident or disease, early death can have a financial burden on a family. The parents will have to pay for funeral expenses and possibly medical bills that their health insurance did not cover. The emotional strains can be magnified with the financial burdens.

Should you buy life insurance for children? Some will argue that it is a waste of money. Life insurance was intended to replace lost income for a family in situations where a death occurs to an income earner. Since children earn little to no income, there is no need for life insurance. However, children can leave a financial liability on a family if an early death occurs. Life insurance can be viewed as security against potential tragedy.

One question many parents have when purchasing life insurance for children is whether to obtain term or whole life insurance. Term life insurance will cover the life of the policy holder for a given period of time. For example, if one buys a ten-year term life insurance policy for your child to cover ages eight through eighteen, the child will be covered if he or she dies within that time frame. The policy builds up no cash value and is typically far cheaper than whole life. Term insurance is a security policy only, not a financial asset.

On the other hand, whole life insurance can be viewed more as an asset than term life insurance. Whole life insurance builds up value in time. The policy holder can tap into the value of the policy. In addition, the child can maintain the whole-life policy as he or she becomes an adult. This can ensure that the child has a sustainable life insurance policy if an injury occurs that makes the child uninsurable as an adult. Whole life insurance also will give the adult child an option to tap into for money in case of an emergency.

When considering insurance for families, life insurance for children can be a viable option for increasing the families’ security. Gerber Life insurance Company specializes in life insurance for children and offers outstanding coverage to protect families against the potential costs of a tragedy.

Please note: Articles and other information included on this website are intended for the general interest of our readers, and are not intended to express the positions or views of Gerber Life or to provide or constitute, legal, financial, health or other advice. Gerber Life makes no claims, representations, or warranties as to the accuracy, completeness, or appropriateness of this general interest information for your particular circumstances. If you need legal, financial, health or other services, you should contact a duly licensed professional.

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5 Comments

  1. If you are financially strong to pay whole life insurance premium go for it.

    Comment by Life Insurance Policy — 10 - 26 - 2012 @ 5:01 AM

  2. Would like to have information about insurance on adults.

    Comment by Linda Curry — 11 - 9 - 2012 @ 6:22 PM

  3. Linda, we would love the opportunity to help with your insurance needs for adults. Please contact an agent at 1-800-704-3331 to discuss which options best fit your needs. – Gerber Life

    Comment by Gerber Life Insurance — 11 - 9 - 2012 @ 10:05 PM

  4. I am a grandparent who would like to purchase whole life insurance for my grandchild (7 months old) however I can’t seem to figure out your website to get a quote. Can you please email me directions on how to do this? Thank you.

    Comment by Diane Nadon — 11 - 10 - 2012 @ 8:20 AM

  5. Diane, please watch your inbox for instructions that were emailed. Information to reach an agent to help with your questions by calling 1-800-253-3074 has also been provided. Please let us know if we can be of any further assistance! – Gerber Life

    Comment by Gerber Life Insurance — 11 - 10 - 2012 @ 2:17 PM

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