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
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