Does My Child Need Life Insurance



One question that many parents often ponder is does my child need life insurance? It’s not an easy question to answer. On one hand, it’s difficult to think about anything happening to your child and if they’re healthy, it seems like a waste of money. On the other hand, if something did happen, the life insurance would help financially while you try to come to grips with losing your child.

There is no right or wrong answer to this question because it depends on your particular situation. However, there are a few factors that can help you make the decision a little easier.

You may need life insurance for your child if:

  • they suffer from some type of chronic illness.
  • your child earns money that you depend on to live such as with the case of a child actor.
  • you believe you could use the help to pay for a memorial and funeral in case the unthinkable did happen.
  • you choose a whole life insurance plan that locks in the rate to ensure the child is protected if he or she becomes ill in the future.
  • you chose a policy that offers cash value for the child when they become an adult.

Otherwise, you really don’t need a life insurance policy on your child. the main purpose for it is to help out financially in the event something happens to the main provider of the family and most children don’t earn an income. If you decide that you do need or want life insurance for your child, shop around and compare policies and prices to find the best one.