Life Insurance For Children

By | April 19, 2017

Children are the most precious treasure that only the fortunate are blessed with. There are millions of people across the globe that worry about the secure future of their children for which they adopt different ways .A large number of people opt for buying life insurance policies on children. Usually the life insurance bought on parents proves to provide future security as the life of a family does get financially affected when the earning hand or the breadwinner of the family passes away. In case of life insurance for children this is not the case as a child’s death is not likely to occur so soon and God forbid even if it does the financial condition of the family does not suffer.

Life insurance for children has always been a controversial issue, as most of the people who deal with financial matters and are experts in their job find it a bad idea to block one’s money by purchasing the life insurance for children. The following are some main points from never ending debate between the experts about the significance of life insurance for children.

Life Insurance For Children

Life Insurance For Children


Whose Life Insurance Is More Beneficial, Parent Or Child?

According to most  of the financial experts the main logic that they discuss in opposition to child insurance is that the untimely or unexpected death of a child does not push his parents to the financial crisis, whereas in the family where both the parents are working death of either one of them makes a lot of difference .The finance experts say that the insurance is a replacement of your salary when you are retired or you pass away and is used for financial stability of the family of the  person who dies. In such a condition buying an insurance policy on children would be a waste of time and insurance policy on the adults should be bought.

Buying a Life Insurance Policy Pros and Cons

Life Insurance Policy

  • Cons

If you analyze the plus and minus points of buying an insurance policy on children you will notice that there is nothing beneficial in buying a life insurance on your child. The main use of life insurance is the replacement of income when a person dies, but in the case of child insurance no child has an income that is to be replaced. Most of the insurance companies provide the coverage for a limited time after which the child is not eligible for the coverage.

  • Pros

The only plus points that most of the  child insurance companies offer  is the coverage on the death of a child and the expenses on his funeral which no parents would ever want. Not all the people have enough money to send on emergencies like the death and funeral of their offspring. This is the time when child insurance comes in to help.

One more reason that convinces the people to buy life insurance for children, is the ability to save as most of the people who live a financially stressful life are not able to save for their children or emergencies, but if they are bound to pay a premium for a child insurance they will be able to save money for the future of their children.

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