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Why Buy a Baby Life Insurance?

baby life insurance

Life insurance is typically purchased by income earners to protect their families from the premature death of the earner. So why buy life insurance for a child?

The answer is twofold: (1) the tragic death of a child can leave grieving parents with the added stress of funeral expenses, which typically run in the thousands of dollars, and (2) a child may develop an illness that prevents the affordable purchase of life insurance later in life.

That second reason can play a huge role in your child’s financial well-being as an adult. A whole life insurance policy purchased in the first years of a child’s life can provide guaranteed coverage as an adult, even if your child is discovered later to have a condition or disease. It is often possible to increase the value of the policy—say from $10,000 to $100,000—when your child becomes an adult.

Additionally, a whole life policy bought for a child is only a few dollars a month and often can be added as a rider on a parent’s life insurance policy. A whole life policy, not just a death benefit rider, can also build cash value against which your child can borrow as an adult.

With affordable payments, guaranteed coverage, and accruing value over the years, a whole life insurance policy may be a good way to get your child started off on the right financial foot.

Allan Block Insurance, Professional Service with the Personal Touch

We are located in Tarrytown, NY, in the heart of Westchester County, a key business district just north of New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. For more information or answers to your insurance questions, please contact us.

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