Should you buy life insurance for your kids?

Life is extremely unpredictable and it is impossible to judge it as per age and other such parameters when it comes to planning insurance. A life insurance policy offers a safety shield for the insurer throughout their life and helps their family get the benefits of insurance in their absence as well. Gone are the days when life insurance was thought to be an insurance policy that lets your family enjoy its benefits only in your absence. Alternatively, the life insurance policy is well-rounded and it offers you financial preparedness even during your lifetime.

It is a policy that every individual in the family should have
Staying prepared for the worst is always beneficial financially, and it lets one stay on guard too. So, when planning to buy an insurance policy for you and your family, do not ignore the children, thinking that they are young. Understanding the prerequisites and inclusions of the policy and the same will help you realize the reason why it is important for every member of the family, including the women and children too.

It fetches a better coverage when you insure early
Life insurance policy or any other insurance for that matter is a safety net for any and everyone. Moreover, when you buy insurance early in your life, then with age by your side the premium is way lesser as compared to later. This special aspect of an insurance policy makes it very effective to be bought at a young age. In this case, the coverage is higher and over time you begin to reap the benefits of the coverage, lucratively. So, buying life insurance for your kid will allow you to secure their future early on. And they can reap the long-term benefits of the policy, as they age.

It can offer security to the child in their growing up years
As per the life insurance parlance, any legal guardian of the child is it the parents or their grandparents or someone else in similar regard can buy life cover for a child or children in the family. The idea here is to secure the child’s future with the right insurance policy which the child can benefit from when they grow up. While it is easy to invest in a child insurance policy with a lump sum and then let the investment grow with time, you can also choose to invest in a normal life insurance policy too that lets you pay a regular premium over time.

The whole life insurance plan in this regard is extremely beneficial as it offers hefty coverage and security to the insurer almost throughout their life or until premiums are paid.

It is easier to insure a child as compared to an adult
Typically, the concept of insurance premium is factored with age, so insuring a child on a small premium is easier as compared to the hefty premium you need to pay for an adult. You can buy life insurance for a child who is 17 years or younger. However, the cap varies based on the insurance company and other factors. For example, the age limit can be 14 years for some insurance company, whereas it can be lower for another. The coverage, though, remains intact throughout the child’s life, as long as the premiums are paid.

As the guardian of the child buying the policy, you become the owner of the child’s policy, and you can transfer it to your child at any point, without any hassle. All you need to do is inform the insurance company or your agent in this regard and get it done. The process is extremely simple and it is a common practice for parents to transfer policies to their kids once they’re adults and let them take over premium payments.

Aware of these thoughts, you can buy a host of life covers such as Unit Linked Insurance Plans, Endowment Plans, Money back policies, Whole life insurance, child insurance plans, and the likes. But just putting your money to buy a life insurance policy, is not enough. The policy terms need to align with your needs and should help you fulfil the demands of you and your family’s life. In this regard, you must consult the best agent and thereby bag the best life insurance policy in Mumbai or anywhere else in the country. To start the conversation, get in touch with Akshar.

Akshar, with its 65 years of legacy outshines in this sector and with its commitment to helping a customer on their insurance journey. So, get in touch now to get expert attention and guidance towards insurance.

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