Do you make sure your child wears a helmet while riding a bicycle? Do you insist they look both ways before crossing the road or tell them not to get in a car with a stranger? Do you put them in a car seat?
These are all things you do to protect your child. You do what’s right.
Do you have life insurance on your child? Source: NLG
It’s not anything you want to think or talk about. It’s not anything I wanted to think about either. I had to change my thought process. I couldn’t think of it as a death benefit or an omen that something bad would happen the minute I signed the policy. I thought of it as a future to help my boys.
They could use the cash value in the policy to pay off school loans, put a down payment on a house or use it if they got hurt and couldn’t work. I purchased their policies right after they were born. I considered it a policy to insure their future, not a life insurance policy that would pay out at their death.
There are so many options now. There are so many riders – riders and features you can add to life insurance to get additional benefits from it. I made sure my boys had a rider that allows them every five years to purchase additional insurance without any additional underwriting no matter what their medical issues are in the future. It was also important to me that their policies have Accelerated Benefit Riders – these are riders that allow them to accelerate the benefit (notice I didn’t want to say death benefit) if they are diagnosed with a terminal, chronic or critical illness or a critical injury and they need help with expenses.
Make it one of your life goals this summer – insure your child’s future. Purchase some insurance for your child to protect them and bring you peace of mind.
Do what’s right.
Accessing the policy’s cash value using policy loans and withdrawals will reduce the policy’s cash value and death benefit and may result in a taxable event. Surrender charges may reduce the policy’s cash value in early years.
Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Riders are optional, may require additional premium and may not be available in all states or on all products. This is not a solicitation of any specific insurance policy.
Payment of Accelerated Benefits will reduce the Cash Value and Death Benefit otherwise payable under the policy. Receipt of Accelerated Benefits may be a taxable event and may affect your eligibility for public assistance programs. Please consult your personal tax advisor to determine the tax status of any benefits paid under this rider and with social service agencies concerning how receipt of such a payment will affect you.
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