Pam's Insurance Site

About Me

Pam's Insurance Site

When I bought my first house, I was already going into a lot of debt. I didn't have the money to seriously insure it, so I bought only the bare minimum without consulting an insurance professional. That was a big mistake on my part. It could have turned out alright. That is, if my house hadn't been in the path of a huge storm. Huge gale winds knocked a tree down straight through my roof. My house was practically destroyed, and my minimal policy didn't cover nearly enough. I spent years and years trying to get myself out of that financial mess. Since then, I have always been very cautious in learning about insurance and talking to the real professionals.


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Three Reasons To Purchase Life Insurance For Your Children

Purchasing life insurance isn't something that parents always want to think about. For some, it may just seem unnecessary, while others may simply not want to think about the possible loss of a child. However, there are many good reasons to consider life insurance for your young children. Take a closer look at some of those reasons so you can make an informed decision for your family.

Affordable Rates

The nature of life insurance is that it gets more expensive as you age. This is because the older you are, the more likely you are to pass on. Insurance plans for children can be affordable because kids have their whole lives ahead of them. Buying a whole life insurance policy now means you can keep the rates lower for your kids, and they can eventually take over the payments when they are adults without breaking the bank. Be sure to discuss the different types of policies with your agent in advance. Some policies, such as term life, have an expiration date. Purchasing this type of policy may be more affordable for you, but it might not follow your child into adulthood.

Investment Portfolio

A life insurance policy that builds cash value can come in handy when your child is ready to start college, purchase a new car, or move out of the home. This cash value can be taken from the policy and used towards certain expenses. You get the benefits of having life insurance coverage on your child while also providing a stream of income to cover college education costs. For some parents, this double benefit is reason enough to consider purchasing life insurance.

Funeral Expenses

While no parent ever expects to lose a child, having a policy can help you cover expenses in the event that a child passes on. Funerals can be expensive, and you may not have the money readily available in your bank account to cover those costs. A life insurance policy can help you afford the expenses, leaving you time and energy to spend on other things. You may want to consider taking out a policy that covers more than just funeral expenses, as you may find that you are unable to return to work after experiencing such a devastating loss. An insurance policy can help bridge the gap until you are ready to work, so you don't have to worry about mortgage payments and car payments while you are grieving a tragic and sudden loss.

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