Every parent should consider buying a life insurance policy for their children. Whole Life Policies can be purchased on any child who is older than 30 days! There are several good reasons for doing so:
ü The insurance is affordable. How much does it cost? A $25,000 whole life policy for a newborn boy can cost as little as $143 annually and, for a girl $124. And the face amount will double to $50,000 at no extra charge at age 21!!
ü The cost to die and be buried is high, over $10,000. Not something anyone likes to think about but a fact.
ü Your child may grow up and develop a disease like diabetes and be ineligible for a new policy after the illness is diagnosed.
ü One can borrow against a whole life policy and help with college tuition.
Insurance for a child makes a great gift from a grandparent.
Eventually everyone should have a life insurance policy. Get an early start and arrange for a policy for your child or children.