Childrens Life Insurance Ohio OH
Reader’s Question:
We are interested to get life insurance for all of our family members, including our young children here in Ohio, is it a good idea to get life insurance for children?
Virginia
Columbus, OH
The only three appropriate or practical reasons I could see that would justify having to spend for life insurance on a child is if the family’s main source of income comes from the child, therefore wanting to make sure that the family is financially protected in the event of the child’s sudden demise, if the child tends to gain a significant amount of money as an heir or if the parents or guardians would want to funeral expenses covered upon the child’s death. Other than that the only other thing that a life insurance policy would accomplish for a child (and the parents) would be to instigate morbid thoughts from people who might be asking you what made you decide to get life insurance for the children.
If you are looking to secure your children’s future financial standing, you are better off investing the money you will be putting towards the regular life insurance premiums in to a trust fund. Your money would have a better chance growing there from interest. Admittedly, there are life insurance policies that act as a sort of investment vehicle for your money but these will still have requirements which a child might not qualify to get. Again, may I remind everyone that the topic of children and death benefits don’t sound well when used in the same context.
If there is a legitimate reason for getting life insurance for your children there in Ohio then feel free to do so, otherwise realize that there are far better ways to save and put that money to good use.
Tags: child life insurance, life insurance coverage, life insurance questions
Whole Life and Term Life Insurance California CA
Reader’s Question:
I read an article here in California that says having a life insurance is very important. Well, is it? And also, I’ve heard of such things as Whole life and Term life. What are they?
Jacob
Long Beach, CA
According to a recent survey, six out of ten Americans don’t know enough about life insurance, much more about their importance. This lack of knowledge regarding life insurance is what prevents more than 60 million American adults from buying a life insurance policy.
But if you are someone who has people depending on you financially, then having life insurance is definitely important. It is also a good thing to know that the prices of life insurance policies have dropped over the past decade, or if not, at least remained stable. And most life insurance companies offer reasonable premiums that would fit the level of protection that you need.
Before you consider buying life insurance, you need to know the two major types– term life insurance and whole life insurance. A term life insurance is a type of life insurance that usually give out death benefits during the term of your policy. Your policy could have a term 1-30 years, depending on what you and your insurer would agree upon. Although there is no accumulation of cash value with a term life insurance, it is generally the cheaper type of life insurance out there in the market today.
Should you decide on buying a term life, look for policies that guarantee renewal. With a renewal guarantee, you will be able to begin a new term policy without undergoing certain processes to prove your insurability. The premiums, however, would increase each time you renew your term.
With whole life insurance, the death benefits will be given no matter what age or time you die. You will also have a type of savings account called the cash value, which you can use to pay for debts, mortgages and other expenses even while you’re still alive. The premiums for whole life insurance are somewhat higher but the many benefits will surely justify those high rates.
Try looking for dependable companies there in California for a life insurance policy that will suit you perfectly. There are also Websites that provide information about the type of life insurance you think you need.
Tags: term life insurance, whole life insurance
Child Life Insurance Oklahoma OK
Reader’s Question:
I have an adorable baby girl that is turning two this year. My agent friend here in Edmond, Oklahoma suggested I get life insurance for my child. Does she even need the insurance? Why should I get her one?
Janice
Edmond, OK
Generally, one gets life insurance to make sure that their loved ones and their valuable assets are protected in the event of their death. With the correct amount of coverage, those left behind need not worry about their finances and their mortgages.
So if we take this most basic reason as your motive to get life insurance then it would be illogical to get your child life insurance as she is the one dependent on you and not the other way around, right? However, your friend in Edmond, Oklahoma may also have reason to offer life insurance to your child. You see, if you get child life insurance now, specifically whole life insurance, you have the chance to lock in low premium rates for a longer period of time. Meaning, when she’s on her own and deciding to get her own life insurance, in addition to one you get her, she may also enjoy lower premium rates. Not only that, with whole life insurance, she can benefit from the cash values that accumulate each year.
So with the right kind of child life insurance, she may have just enough to venture into a business when she reaches 20 to 25 years old, depending on the policy. In addition to this, getting her coverage now means securing her coverage for the future, no matter what her health may be. Still, I suggest you ensure that you as the mother get enough life insurance coverage first.
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