At Houston Retirement Income Planners, we don’t just provide retirement solutions; we provide life solutions designed to lead to successful retirements. Our goal is to assist clients in achieving their ideal standard of living from start to finish. We pride ourselves on providing families in Houston, TX, with everything from life insurance for children through college savings, risk management, and retirement solutions.
With over thirty years of experience in the financial services industry, we have the expert knowledge to help you find missing pieces in your financial life and make adjustments that can take yours to the next level; this includes providing life insurance for your children. Houston, TX families have access to a comprehensive wealth management firm that helps you manage risk, including life insurance coverage for our children. We are an independent firm, so we have zero obligation to sell any specific products or services. We only offer our clients solutions that we believe would be in their best interest. With the highest level of integrity, we offer our clients timely and unbiased advice.
Life insurance for children is an undervalued necessity. While the chances of a child passing away are reasonably low, should this occur, life insurance will pay for funeral expenses and, more importantly, afford families the necessary time off from work to focus on grieving. Of course, the hope is that our children live long, healthy, and full lives. So, why purchase life insurance for children? Other than the fact that we never know when it will be our time or our children’s time to move on from this Earth, life insurance for children can act as an investment for your children and lock in low insurance rates for their future.
Child life insurance covers the life of a minor child. Generally, these kinds of products are whole life, meaning they are a kind of permanent life insurance. This would allow coverage to last for the child’s entire life in its entirety so long as premiums are paid. Premiums lock in, meaning that they cannot go up at any time in the future. Whole life insurance builds cash value over time. Part of the premium gets paid into the account. At specific ages, usually 18 or 21, children then can take over ownership of the policy. They can continue coverage, buy more, or cancel the policy. You could also keep ownership of the account.
Life insurance for children guarantees future insurability. Because the policy already exists, when they become of age to take ownership of their policy, they can purchase additional coverage without completing any medical examination. Stipulations vary among different policies, and there may be restrictions. This is useful, though, if children develop a pre-existing condition or choose a career with a high level of risk. Before purchasing life insurance for children, it is essential to talk with your financial advisor about what makes sense for your family. Each situation is unique.
When looking for the best life insurance for children, there are so many factors one must consider. Each family is unique in what is most important to them and their individual situation. No two families are identical. Factors to look at primarily boil down to the type of coverage, and I recommend variable universal whole life, versatility, affordability, and the age of the children in the family. All of these factors can change what kind of coverage is sought out or needed. There is no question that the pros of having life insurance for kids outweigh the cons by far. The question is what kind of coverage does your family need and ultimately what makes sense for your budget and lifestyle.
Whole life insurance for children is the investment that your family needs to make. It is never too early to think
about your child’s future.
There is no doubt that whole life insurance for children in Houston, TX, will be a wise decision for your family with so many benefits and options. Consider the guaranteed protection, cash value that grows over time, premiums that never increase, and future insurability. One additional advantage of whole life insurance is the ability if needed to borrow against the cash value of the policy at typically a 0-2% interest rate. So borrowing money to go to college, use as a down payment on a car or home purchase is possible. Another advantage is that because you are the policy owner, you can choose when to share information about the policy with your child. Whole life insurance for children is the solution you are looking for. It brings peace of mind along with a tax deferred investment opportunity for your children. It just makes sense.
Whether you have one child or multiple children, you should give them the gift of life insurance. It is a crucial piece to ensuring the protection and success of their future. Life insurance is a critical component of a sound financial strategy. All children should have life insurance. Learn why and what kind! Gifting life insurance for your children will protect them and bring some financial peace to you and your family.
Guarantees are based on the claims paying ability of the issuing company.