As a parent in Fort Wayne, Indiana, it’s your responsibility to provide the things your children need to lead fruitful and satisfying lives. So, you’ve sent them to the best schools, planned your retirement around supporting them, and, not to pat yourself on the back, you’ve set up a pretty impressive college fund for the little scamps as well. What else is there to check off the ol’ list? We’re here to say it might be time to consider juvenile life insurance.
Unfortunately, the connotations that come with the phrase “life insurance” aren’t typically positive. After all, why would you want to even think about a reality where a life insurance policy was necessary for your little bundles of joy? What many seem to prematurely rule out, however, when discussing this topic is the myriad of benefits that an early insurance policy can provide! Fortunately, we plan on breaking down the three most common forms of juvenile life insurance policies and the peace of mind and perks they can provide for you and your loved ones.
Group Life Insurance
It could do you some good to check and see if your employers offer juvenile life insurance options through their coverage plans. These can be immensely convenient if you already insure yourself through your company’s policies. Keep in mind however, that benefit programs can, and often will, change at any time. Finding a new job could just leave you unable to secure group life insurance if your new employer doesn’t offer it. It’s best to supplement insurance through work with one of the other offerings below.
Permanent Life Insurance
An immediate draw to this policy variant is the fact that it remains in effect for as long as you continue to pay its premiums. In addition, they also provide the added benefit of accumulating more and more value as the years pass on. This is because, being sought out so early in your child’s life, juvenile insurance policies are issued at some of the lowest rates possible. Compiled with the ability to access cash from the policy with low-interest loans or outright withdrawals, it’s easy to see why these plans are such a sound investment. Further adding to its inherent worth, these permanent policies can even be upgraded should your child decide to purchase more insurance when they reach 18 years of age.
Term Life Insurance
Breaking away from the permanent policies, term life insurance plans provide a much less expensive alternative, but only last a set amount of time (typically 10, 20 or 30 years). Once this term ends, coverage becomes significantly more expensive.
These plans are typically sold as a “rider” or a coverage option made available on the parent’s term policy that lasts until the child reaches adulthood.
When it comes to insuring what matters most, you thankfully have several options made available to you. What’s important now is to have a budget in mind and break down some variables such as how long you plan on staying at your current place of employment. Once you remove some of the unknowns from the equation, you can go on to secure an affordable and efficient policy perfect for your children and loved ones! Call the Fort Wayne life insurance experts to discuss your best options at 260-486-5255.