Life insurance policies in Boardman are typically considered to be for the breadwinners of a family and for grandparents to guarantee that their families are taken care of when they’re no longer with us. But honestly, while life insurance can benefit anyone, the question we’re asked most often is whether life insurance is worth the cost, especially for children.
Your Children: To Insure Or Not To Insure?
While deciding whether or not to get life insurance policies in Boardman for your children is strictly a personal decision, there really is no one-size-fits-all approach to it.
For some parents, it makes perfect sense to buy life insurance for their children because it can provide a way to save for the future because they can cash it out later while locking them into a lower rate. Also to be considered is the fact that if something should happen to your child, life insurance policies in Boardman can ease the monetary burden of funeral expenses, which lets you focus solely on grieving your loss.
Some would argue that there are much smarter financial moves than purchasing life insurance for children. To begin with, many experts would argue that buying whole life insurance as a savings plan is not a profitable move and that parents would be better off investing in a 529 plan or other venture. Those options can still be cashed out at adulthood, but they usually provide a much return rate.
In addition, the risk of a child dying is, of course, much lower than that of an adult so it’s often more important to make sure you have enough insurance initially. This is not to say that it would harm you to purchase a policy on your children, especially while you are getting your affairs in order, but a term life policy will often be sufficient.
The smartest thing a parent can take is to speak to a financial advisor regarding their particular situation, and your insurance agent to fully understand what benefits your family might benefit from having an insurance policy on your children.
As previously stated, there is no one, simple answer regarding whether your children need life insurance policies in Boardman. Each family is different and therefore has different needs. If you have questions or concerns, we’d love the opportunity to discuss your individual situation and make recommendations for you and your family. Contact us today to get started.
