- June 30, 2021
- Posted by: Stratford Team
- Category: Business
Should you take out a life insurance policy for your children? Here’s what you should know about child life insurance policies and when it makes sense to purchase one. (iStock)
Every parent and legal guardian will agree that children are life’s most precious gift. Sadly, fatal accidents and medical emergencies sometimes occur. Over half of all adults in the United States have some form of life insurance coverage, but do children need similar life coverage?
Getting life insurance for children does exist – just like auto insurance, business insurance, disability insurance and travel insurance – and can provide parents or grandparents (or legal guardians) with peace of mind. These policies aren’t too dissimilar to adult life insurance policies: they’re designed to cover the funeral and burial costs in the event of an untimely death. One out of every five parents and grandparents have taken out a life insurance policy for their…