3 Reasons to Take Out a Whole Life Policy on Your Child

Most parents never consider taking out a life insurance policy on their children. However, doing so can have a number of benefits. Here are three reasons to take out a whole life policy on your child.

Reason #1: To Cover Any (Hopefully Unnecessary) Final Expenses

Let’s go ahead and get this one out of the way first. One reason to take out a whole life policy on your child is to help pay for any final expenses should the unimaginable happen and your child dies. Funerals today can cost in upwards of $10,000 or more; a financial figure most working families do not have sitting around. Plus, the time a grieving parent will spend out of work while they cope with the loss of a child will have a huge financial impact on the family. By having a whole life policy in place, the entire family is financially covered if tragedy strikes.

Reason #2: Future Insurability

Another reason to consider taking out a whole life policy on your child is their future insurability. There are a number of reasons why life insurance companies deny coverage for adults. These can include working in a dangerous injury, partaking in extreme hobbies, or even a pre-existing medical condition. The benefit to purchasing a whole life policy for your child is that they retain insurability as long as the policy premiums are paid.

Reason #3: The Cost is Minimal

Another reason to take out a whole life policy on your child is that the cost is minimal. For only a few dollars a month you are covering them for the rest of their lifetime (hence, the term whole life). It doesn’t matter if they live until they are old and gray, the policy remains in force. There are also certain tax benefits and the ability to borrow against the policy in time.

To learn more about taking out a whole life policy in Maryland, please contact your local agent today.

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Saving for the Future: Life Insurance Advice for New Parents

Becoming a parent for the first time brings with it a whole new set of challenges in life. From diapers to teething and planning for the future, this is an exciting time for the whole family. With this new responsibility in your life, it is never too early to start thinking about life insurance to protect your little bundle of joy later on down the road.

Now is the Time to Invest in Life Insurance

Although it is a difficult subject to think about, investing in a life insurance policy to care for your loved ones after you pass is one of the most responsible things a new parent can do. Get a head start on providing for your new baby by investing in affordable and comprehensive life insurance coverage with your local independent agents at Wellspring Insurance Network Inc.

We can easily work with you to find a policy that works best for your needs and your budget by comparing quotes from top national providers online in just minutes. Whether you choose a term or whole life insurance policy, our team is always available to help break down your policy and coverage options.

Start preparing for your family’s future today with an affordable life insurance policy from Wellspring Insurance Network Inc. Preparing for your new family’s future can be easy, fast, and affordable when you explore all of your options online.

Invest in a New Policy Today

Enjoy a local and personalized experience with your independent life insurance agents at Wellspring Insurance Network Inc. Comparing quotes online to find the best policy available in the greater Rockville, MD area has never been easier. Visit us online today to start comparing quotes in just minutes!

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