Today is National Baby Day – what does that bring to mind? Maybe family excitement, car seats, clothes, and cribs. Maybe future uncertainly like high school, college planning, or employment opportunities for your child. One of the last things we think about when a baby is born is life insurance. Let’s rethink that.
According to the website www.lifehappens.org, the official non-profit organization on life insurance, only 19% of children have life insurance in place. So if you haven’t considered this option for your kids, you aren’t alone.
Think about this:
- A person is generally at their healthiest when they are a baby
- Life insurance is very affordable and easy to put in place at this age
- What about your child’s future protection? If they suffer from an ailment in their life, they may be unable to purchase life insurance later on when they have families that depend on them.
- Cash value – help your child get a “leg up” in life – consider purchasing permanent insurance or whole life insurance that will grow with your child, giving them the ability to incorporate that into their long range financial planning.
- Some childrens life insurance plans will double their value when the child turns 18 or 25 without additional cost to them or to you.
It is common for grandparents to buy savings bonds, or start savings accounts for newborns. Whether you are a parent or grandparent, consider a life insurance option. Show your kids you love them in one more way!