Kids are the loveliest members of our family. We always want to do the best for them and it is very important to secure their life. On the other hand, ensuring a good financial support for their future is very important. Life insurance for kids doesn’t play a vital role in the bright future of kids if you can’t find the best one.
You may think why? You will say that after completing a term life insurance premium payment you will get the money back along with interest. But the true fact is; the money you will get an interest most of the time is not higher than the profit you can get from a mutual fund.
Life insurance can give you support financially if your kids die because of any reason which is not preferred because no one wants to have money in such a way.
Health insurance for kids can be a beneficial thing in this case. If you purchase a health insurance and your kids become badly sick you can get the insurance money.
Let’s talk about my real life experience about life insurance.
A man came to me for a suggestion. He has four kids and one wife. He has purchased ten life insurances from the same agent and he was paying a higher premium. Actually, it was a trick of the agent to force him to buy more insurance.
But actually, there is no need to have lots of life insurance policies. If he could have one life insurance policy with a higher coverage he could save over 10k dollar per year and he could invest the money in a mutual fund with 10% interest rate.
Parents always try to secure the kids financially, not themselves. If you have kids and purchase a life insurance for you; your kids can get the money if an accident occurs.
I will not say that life insurance is totally wastage. There are many agents who are willing to pay higher interest for life insurance on kids. If you choose term plan you can get a big amount of money after a certain time.
Another thing is it is quite easy to get a life insurance because kids are physically fit always. If there is no major disease all the insurance companies will accept your request for insurance.
is Life Insurance for Kids is Beneficial?
If you have one kid and only 1 year old you can purchase a life insurance for your kid for 20 years. So when your kid will be 21 years old he can get a quite big amount of money for his education and other essentials. The daily expense is increasing day by day so it is too hard to maintain the education cost of your child. You can save some money slowly with the life insurance company for your kids’ future. But you must go for term life insurance.
How to Find Affordable Life Insurance?
Finding a life insurance on a kid is not so difficult if you could look at the quotes. On this blog, you will find the free quote which will take you to the right company. Match the rates of different companies and find the lowest premium with the highest coverage.
Considering overall matters it is suggested to purchase health insurance; that is more reliable and effective. It ensures the medical facility for your kid if he becomes too sick and you are unable to pay the treatment cost.