Do I Need To Get Life Insurance For My Child?

Being a parent is a tremendous responsibility and a decision that can completely upend everything in your life. Understandably, most parents have a lot on their plate, pretty much all of the time. Which is why it’s not surprising to learn that some of the more mundane things, like insurance, can keep getting pushed back, almost indefinitely. While we know insurance may not be your cup of tea, and thinking about worst case scenarios is never pleasant, we are here to tell you that it’s worth doing.

One of the more common questions we get from new parents is surrounding life insurance, and not their own. Do my kids need life insurance too? It’s a question worth considering. Let’s take a look at some of the reasons that investing in a life insurance policy for your kid is a good idea.

Life Insurance Policies Grow Up With Your Child
Life insurance is one of those things that get more expensive the older you get. It’s all about the data. The younger you are, the less likely you are to die soon. The older you get, the higher the likelihood of something happen. That’s why life insurance companies are willing to give young people life insurance policies for such low premiums.

Thankfully, life insurance policies grow up too! That means that if you purchase a life insurance policy for your child, it’s likely that they’ll be able to purchase a rider to continue that coverage later in life, at a much lower premium than they could find if they hadn’t had a policy when they were younger.

Purchasing a life insurance for your child now also ensures that they are able to have some sort of coverage if they develop a medical condition early in life. If that does happen and your child does not already have a life insurance policy, it can be difficult to get adequate coverage with pre-existing conditions.

It Can Act As A Savings Account That Your Child Can Tap Into
When you buy a permanent life insurance policy a savings account is created for the policy holder that slowly builds as you pay your premiums over time. This means that the life insurance policy has an actual cash value, that the policy holder can withdraw from, or use as collateral for a loan in the future. This can be crucial for a young adult trying to pay for college or a down payment on a home.

It Creates A Safety Net
No parent ever wants to think about their child dying, but the reality of life can sometimes have different plans. Purchasing a life insurance policy for your child forces you to consider it briefly, but then creates a safety net that ensures that if the worst does happen, you are prepared. In the tragic event of a child’s death a life insurance policy will make sure there is money for funeral expenses, and for the parents to take time off of work to grieve. When going through a tragedy, the last thing that should be on anyone’s mind is money.

All that being said, purchasing a life insurance policy for a child is not the right decision for everyone. If money is tight, it’s worth evaluating your budget and making sure that you have enough in your budget to cover the important, immediate expenses.

It’s always a good idea to learn more about your insurance portfolio. If you have any questions about your life insurance policy, or are interested in purchasing a new one, we encourage you to reach out to the folks at TGS Insurance. They’re experts in the life insurance industry and are always willing to work with you to find the right policy for your family, and your wallet. Visit to learn more.

Leave a Reply

Your email address will not be published. Required fields are marked *