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Life Insurance for Children

Many parents question the purpose of buying a life insurance plan for children because children do not contribute to the family finances. Many financial experts are more in favor of investing in a child’s college tuition fund than a life insurance plan. While it may seem that there is no compelling reason to buy life insurance policies for your children that pay out large benefits, there are a few reasons why basic life insurance for your kids would be a good financial decision:

1. None of us want to contemplate the loss of a child, but should such a tragic event occur, a life insurance policy would be of great help to cover the costs of a burial and proper memorial service.

2. Many times the death of a child stems from a fatal illness, which is just as unanticipated as a terrible accident. A life insurance benefit can help pay for costly medical bills not covered by health insurance.
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3. Purchasing a life insurance plan while your child is in good health is generally inexpensive. If your child develops medical conditions such as asthma or diabetes, life insurance premiums become much more costly. Therefore, it is wise to purchase a basic policy covering each child while they are young and in good health. Many employers offer insurance plans that provide coverage for children at very low cost. If your employer offers this opportunity, you should consider taking advantage of it.