Life insurance for chidren is permanent life insurance purchased for a minor child, by a parent or grandparent. Children’s life insurance offers your child lifelong insurance coverage and an attractive savings vehicle to meet future financial goals. The policy’s cash value accumulates, building savings which the insured child can use for any major expense down the road, such as education needs or a downpayment for their first car or first home. Children’s life insurance is a flexible way to provide your child or grandchild with both insurance coverage and a head start on their financial savings and monetary goals.
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Many parents and grandparents feel children’s life insurance is worth it because of the flexibility it offers through financial protection for the family and potential for creating a sizable financial asset for the children.
Children’s life insurance is a protection product, which provides a lump sum of tax-free cash should anything happen to the insured child. Parents can use this benefit for covering funeral costs, bereavement counselling, any medical expenses that occurred, or to offer the ability to take time off to grieve.
Life insurance for children is worth it for several other reasons. For one, you are providing an avenue for guaranteed insurability and life long coverage for your children or grandchildren.
Children’s insurance also provides an attractive savings vehicle with tax-advantaged growth and cash value they can access for future expenses, like education or making a downpayment for a house. The sooner your child is covered by a whole life insurance policy, the longer (and faster!) the cash value component can grow until they’re ready to use it.
For these reasons, many find children’s life insurance is worth it.
Citadel Financial Wealth Group believes in supporting our community and the people that need our support. That is why once your policy closes, we will donate to a charity or foundation on behalf of your choice!
If you do not have a charity or foundation you would like to donate to you can choose any one of the foundations we support!
We also plant a tree in your name or any name you choose to give us as we have a unique partnership with FORESTFARMER that allows us to help in keeping our air fresh for a long time to come.
When your policy closes, Citadel Financial Wealth Group gives back to the community, so let’s make a difference together!
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