Placing a life insurance policy on a child can make some people a little unconfortable. The thought of a child passing is often too hard for parents or grand-parents to bear.
However, most life insurance policies bought on the lives of children are not purchased as a means of providing financial relief in the event a child passes. Instead whole and universal life insurance policies are bought as presents for children.
These life insurance policies become tools for the child later in life. It may take 20 years for the child to see the benefit of the present but these children are often rewarded quite well for the investment made in life insurance.
Watch this video “Why is there life insurance for children?” for more details:
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created by Ryan Hanley