LIC# 0M71320
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Child Life Insurance

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Browne Insurance/ child life insurance

Child Life Insurance Provided By Our Agency

You do everything you can to protect your kids and their future — including their financial well-being. That’s why life insurance, even at a young age, is so important. There are options for this, connect with us to map your child’s future needs and get the right coverage

What is Child Life Insurance?

Life insurance for children works much like life insurance for adults: the policyholder pays premiums and the policy pays out to a beneficiary (in this case, a parent or guardian) if the insured passes away while the policy is active. Because most life insurance for kids is whole life, this coverage lasts their entire life.

Who needs Child Life Insurance?

These cases are rare, but you may benefit from buying life insurance on your child if:
  • Your child has a health condition that will worsen as they age
  • Based on family medical history, your child may develop a serious health condition early in life
  • You or your loved ones rely on your child financially

If you need to insure your child’s life, it’s simpler and cheaper to add a child rider to your term life insurance policy. A child rider provides a death benefit if any of your children pass away without the complex investing component, and can be converted to a permanent policy in the future if your child needs lifelong coverage.

When Life Insurance for Kids Does—And Doesn’t—Make Sense

Before buying life insurance for a child, make sure you have enough coverage for yourself. Protecting the financial well-being of loved ones takes priority. In fact, insurers usually require that parents have their own life insurance policies with at least as much coverage as they want to buy for a child as a prerequisite for insuring a child, Hoang says.

You also should make sure you’ve tackled other financial priorities before buying life insurance for a child. Building an emergency fund, saving for retirement and paying off high-interest debt should take precedence.

Take care of yourself before you take care of your kids. Then, if you have room in your budget, you can consider life insurance for your kids.

Although life insurance for a child doesn’t always make sense, it can be a good solution for some families. For example, high-income parents might find the ability to transfer wealth to their children through a life insurance policy appealing. Or they might like the tax-advantaged growth on the cash value portion of the policy.

Also, if your family has a history of genetic medical conditions such as diabetes, it might make sense to insure your child. Then you won’t have to worry about whether your child will be denied coverage later in life if he or she develops a medical condition.

Working with a us can help you decide whether life insurance for your kids is a good fit for your family and your overall financial situation. Connect with us today to know more!

Why is Child Life Insurance important?

Although it may feel odd to think about life insurance for your child or children, the benefits can go far beyond what we traditionally consider, the younger you lock them into a policy. Here are just a few.

When you purchase life insurance on your children, you guarantee that they have insurance protection at the very best price – because life insurance is less expensive the younger and the healthier we are. And let’s face it… we were all at our prime when we were younger!

When you buy life insurance for your children when they are young and healthy – no matter what health conditions might develop in the future that might cause your child to have to pay more for the same insurance protection or worse yet, not be able to obtain insurance protection at any price – they already have insurance protection.

Financial Security
Having life insurance is important because it provides a foundation for financial security. Let’s look at what you hope your child will accomplish in life; college, marriage, home ownership, children of their own, owning their own business, funding their own children’s college, and retirement. Life insurance can help with all of these because of the cash value it builds over the years.

For Example…
When your child is ready for college, a loan can be taken from the cash value to help pay for college expenses. When your child is ready to purchase that first home and needs funds for a down payment, again a loan can be taken from the cash value to do so.

Already have Child Life Insurance Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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About Browne Insurance Services

Browne Insurance Services helps you choose from a variety of personal insurance and business insurance solutions.

LIC# 0M71320
190 W Amado Rd Palm Springs, CA 92262
We extend coverage to individuals and businesses in Campbell, Palm Desert, Palm Springs, Pollock Pines, and Santa Clara areas.
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