Is It Necessary to Buy Term Life Insurance for Children

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Many people purchase term life insurance to replace lost wages and provide finances for their family. Is it necessary to consider term life insurance for children? You may think that buying term life insurance for children is definitely a waste of money. Generally, children do not have an income and parents do not rely on kids to make a living. Is that true? Perhaps not! It could be a wise choice to get term life insurance coverage for kids.

Why purchase term life insurance for children?

Buying term life insurance for your children is an affordable way to set money aside for the future. Compared with other types of life insurance, term life insurance usually costs the least amount of money to purchase and enjoy death benefit for a limited period of time. A term life insurance policy for kids can bring you various benefits. That why you need to get term life insurance coverage for your kids.

Pay for unexpected financial losses

If your children have health problems, a term life insurance policy can pay for the medical bills, which can cost you a large amount of money in the event of any serious disease. Typical medical insurance cannot cover all related medical expenses. Without any doubts, parents cannot accept the death of a child emotionally. However, it does happen anyway.

When the unfortunate thing happens to you, a funeral for your kids can cost you as high as $10,000. A term life insurance can cover the cost of a funeral for your kids. Ask yourself whether you could afford the costs of a funeral and other related expenses for the death of a child. If not, youll be recommended to get term life insurance for your children to prepare for the future.

Provide disability benefits

Most term life insurance policies for children consist of disability coverage. When one of your children suffers from an accident that results in a disability, such as the loss of an eye or a limb, your child will receive a benefit under the term life insurance policy. A term life insurance policy usually provides coverage above traditional medical insurance policies. The disability benefits can be used to pay for special accommodations and training that are not covered in a regular medical insurance.

Relatively inexpensive for children

If you think term life insurance for children is an investment, it really inexpensive. For example, if you purchase up to $20,000 for a 20-year term, your monthly payments could be less than $20. As opposed to monthly investments of $20 for college funds, purchasing a term life insurance really makes better sense.

What term life insurance policies are available?

Many life insurance companies offer affordable term life insurance policies for parents who do not have enough money to cover the funeral costs and other unexpected expenses. If youre interested in getting a term life insurance for your dependent children, perhaps the following two policies can help you.

SBLI Children Term Life Insurance

It definitely a smart move to protect your family with life insurance from SBLI, a company offering a variety of life insurance products. If you want to start building a secure future for your children or grandchildren, SBLI Children Term Life Insurance can be considered. This term life insurance policy is offered for children between 15 days old and 15 years old. SINGLE PREMIUM Children Life Insurance only requires a one-time only premium, which can be as low as $80.

If a coverage amount of $5,000 is preferred, you only need to pay a single premium of $80. However, if you prefer a higher coverage amount of $10,000, the single premium will be $110. As soon as the SINGLE PREMIUM Children Term Life Insurance is approved, the policy will protect your kid until 22.

When the kid reaches 22, the current coverage can be converted to a permanent Vantis Life Insurance Policy for up to 5 times the original amount. It means that a maximum of $50,000 of life insurance will be available at that time. In order to receive the conversion amount of coverage, your kid is not required to answer any health questions.

USBA Children Term Life Insurance

USBA Children Term Life Insurance is a low-cost term insurance policy for children. This special coverage is only offered for children who are aged 14 days through 22 years. These eligible children always do not qualify for USBA Membership.

Therere some regulations for the purchase of USBA Children Term Life Coverage. If you are an USBA members and would like to request coverage for adopted, foster or stepchildren, the children must be dependent on you for more than 50% of the support. When both parents get USBA coverage, only one parent is allowed to get children coverage.

As for the amount of USBA Children Term Life Coverage, one unit of children coverage can be purchased with each $25,000 of USBA Group Life coverage parents get. Parents are allowed to get a maximum of 4 units. Please notice that each unit will cover all of your eligible children. Youll be required to pay $1.5 each unit per month. Check the rate table below and youll be clear about your coverage immediately.