Longmont Colorado Life insurance
Whether or not a child needs life insurance coverage is a widely argued debate. Examine the following information and to determine if you would benefit from life insurance being placed on your child.
Many people argue that children do not need life insurance. Being as the mortality rate for children is much lower than that of adults, some people feel that such coverage is unnecessary no matter how inexpensive children’s life insurance is. On top of that, life insurance is placed on individuals who have something of value that would be lost should death occur. For example, adults often provide for their family so a life policy is imperative; children not so much.
On the other side of the argument, some people feel that having a life insurance policy on a child is important. First, it is never too soon to get life insurance coverage–death can occur at any time. How would you pay for a costly funeral and burial should something happen to your child?
Next, as a child ages, their life insurance risks can increase over time by increasing more to life-threatening practices, such as smoking, drinking, or driving motorcycles. Children are still fairly innocent and limited in their exposure which keeps their cost of insurance extremely inexpensive.
Last, children can lock in low insurance premiums. In turn, the premium can remain stable no matter how old the child eventually gets. There is definitely an advantage for individuals who have their insurance premiums set when they are three years old as opposed to fifty years old.
If a family has just a few extra dollars needed to pay for life insurance, it is wise to place life insurance on your children.
Contact Mountain Insurance: Longmont today to design a no-obligation quote for your family’s life insurance needs.