Investing in your kids' future stability and security using life insurance

I had an interesting conversation today with parents who questioned the rationale behind purchasing life insurance for your children or encouraging young adults (18-25) to consider life insurance for themselves.

When considering whether to buy life insurance for children, it's essential to look beyond the immediate necessity and consider the long-term benefits and security it provides. Here are several key points to address the question, "Why should I buy life insurance for my children?"

Financial Security and Future Insurability

Life insurance for children guarantees their insurability in the future. By securing a policy now, you lock in coverage regardless of any health issues that may arise later in life. This is particularly important if there are hereditary health concerns or a family history of medical conditions that could make obtaining insurance more difficult or expensive in adulthood.

Building Cash Value

Many life insurance policies for children, such as whole life insurance, accumulate cash value over time. This cash value can serve as a financial resource for your child in the future, providing funds for significant life events such as college tuition, purchasing a first home, or starting a business. It essentially acts as a savings account that grows with your child.

Low Cost and Affordability

Life insurance for children is typically very affordable. Premiums are low because the risk of a child's death is minimal. By purchasing a policy now, you can secure a substantial amount of coverage for a relatively low cost, ensuring long-term financial protection at a locked-in rate.

Financial Cushion in Tragic Circumstances

While no one wants to consider the worst-case scenario, having life insurance for children provides a financial cushion in the event of an untimely death. The death benefit can help cover medical expenses, funeral costs, and allow grieving parents the financial flexibility to take time off work without additional financial stress.

Teaching Financial Responsibility

Purchasing life insurance for children can be an opportunity to teach them about financial planning and responsibility. As they grow older, involving them in understanding the policy and its benefits can foster a sense of financial literacy and awareness that will benefit them throughout their lives.

Buying life insurance for children offers a blend of security, financial growth, and peace of mind. It’s a proactive measure that ensures their future is protected, regardless of what life may bring. It's not just about insuring their life; it's about investing in their future stability and security.



Comments

Post a Comment

Popular posts from this blog

A Washington Educator's Feedback and Questions for Secretary of Education Nominee Betsy DeVos through US Senator Patty Murray

Thank you for the invitation to share my thoughts with Senator Murray for Ms. DeVos. As a point of reference, this is my 26 th year as a public school administrator/teacher. I have served students in Washington, Oregon and Nevada. I have served as a music teacher, Middle School Assistant Principal, High School Assistant Principal, Director of Alternative School, High School Principal, Director of Educational Non-Profit, Assistant State Superintendent (supporting WA under-performing schools—285 schools holding 250,000 kids) and currently Superintendent in the Lyle School District. I have six children. 2 have graduated from public schools and 4 are still enrolled in WA public schools. I have served as a Union President for school administrators in Nevada and am currently the President Elect for the Washington Association of School Administrators for ESD 112. Thoughts on Ms. DeVos: There are a myriad of data points about her absolute lack of qualifications to serve as our nati
Read more

Faces in the Crowd

Image
493 faces in the crowd from 1306 SW Webster Street to the Starbucks on Westlake at South Lake Union, Seattle, WA. Even gender division, well-dressed and disheveled, young and old, tired and alert, black, brown, white and in-between. 493 faces in the crowd. On the street corner. Metro bus route 125. South Seattle Community College. Westlake Center. Sidewalk passing Fantasy Girls adult theater. 493 faces in the crowd. I noticed 493 different faces in the crowd this morning. Counted them actually. I was struck by the enormity of the work within our public schools in Washington State and around the country. I paused this morning to consider the differences portrayed on the faces I passed. What is it that creates "the look" of each face I passed. What role did/will teachers play in the attitudes of fellow human beings that crossed my path this morning? There really seemed to be no "in between." Faces were filled with joy, hope and optimism or sadness, despair
Read more

Leadership and the Danger of "I" and "Me"

Leadership matters. Leadership matters in all sorts of ways. Leaders give us hope. Leaders help us have the courage to make challenging choices and decisions. Leaders are selfless. Leaders promote others, care, have empathy and don't belittle those who are different than themselves. Leaders acknowledge their success only in relationship to the overall growth and improvement of those who they lead. As a school and district leader for the past 22 years I have worked diligently to try and improve the school communities that I've served. The goal has always been to work in collaboration with all stakeholders for better outcomes for kids, families and communities. Through each of these roles some degree of success and progress has been experienced. I've never believed for even a moment that "I" held the key, magic potion, or silver bullet. Leadership matters and what I know to be true about the leaders that I've watched in my lifetime succeed in serving their r
Read more