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Life insurance for kids. You don’t want to think about it. Here’s why you should.

Life insurance for kids. It’s a topic we don’t want to think about. For many parents, the mere idea of contemplating it brings about irrational feelings of tempting fate and although illogical; it’s an understandable feeling because none of us want to consider the loss of a child.

Besides, children usually don’t contribute to the finances of a family, so why should coverage matter? What’s the point? In fact, on the surface, there are no compelling reasons to buy a life insurance policy for your kids, but looking on the surface is not always enough.

Here are three reasons why life insurance for your kids may be a good financial decision.
  1. Burial costs. This is the most obvious benefit, and although you don’t want to think about it if such a tragic event were to occur, the last thing you want to worry about while you are grieving are the finances you’ll need to cover a funeral.
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  3. Protect future coverage. If your child develops an illness in later childhood or in adulthood, that illness may prevent them from being eligible for life insurance. Buying them a policy while they are young and healthy not only makes coverage more affordable but also means they won’t be denied in the future.
  4. Help pay incurred bills. Whether a tragic accident or a prolonged illness, chances are costly bills will be created when a child dies. The last thing a grieving parent should be worrying about is how to pay bills. A life insurance policy can help pay those bills.

Clearly, there are more important needs that should come before you consider life insurance for your child.  Stable housing, nutritious food, and a good education (some financial experts believe you should fund college tuition before paying for life insurance) are paramount. If you find that you have the means to meet your family’s needs, and are looking to fund a bit more security, a life insurance policy for your kids may be a good idea.