Insurance Information
The Advantages of Children’s Policies
It’s quiet at home, now that the kids have gone back to school. If you and your spouse have sufficient life insurance for yourselves, you may want to investigate policies for your children.
There are a variety of reasons why the K of C encourages members to consider purchasing policies for their children. The most important one is that someday, your children will go off to college, start careers, buy homes, get married, and have families of their own. By starting low-cost children’s policies now, you can help them meet this future need.
A guaranteed purchase option rider lets your child purchase additional coverage on six future occasions without evidence of insurability. Doing so will cost much less than if they have to purchase their own policies as adults.
Moreover, what if your child develops a medical condition later on? If you’ve already started the policy, this won’t be an obstacle to obtaining coverage – nor will your child be placed in a prohibitive rate class.
Last but not least, the cash value of a permanent life insurance policy is one more source of funds for meeting your child’s future financial needs. What’s more, the cash value increases over time and any dividend declared will increase these values.
Helping to secure a more financially stable adulthood tomorrow for a member’s child today is a worthwhile endeavor for a fraternal benefit society such as the K of C. It’s also a logical extension of our Order’s mission to “protect families for generations.” Talk to me to find out more.
Contact Bob at Bob Pizur, insurance expert
