It is a great joy to welcome a newborn baby into your home. Grandparents and friends rush over to give him gifts, including essentials: clothes, cradle, toys, etc.
Have they forgotten what is important?
Considering that a baby becomes insurable on the first week of life, the best gift is yet to come. Just like everyone in the family, this newcomer is also entitled to life insurance. If friends or relatives forget to offer this protection, you can fill-in the gap yourself by shopping for it wisely. It is about the life of the most important person in your home.
The most common reasons to obtain life insurance for a child:
Fortunately, there is a multitude of ways to protect the future of your child.
If grandparents are looking for a way to secure their child financially while showing their involvement with their grandchild, prepaid life insurance, serious accident insurance (illness, disability) or an insurance coverage that will take care of the small one’s university education.
Essential questions to answer as a parent :
In the event of your early death, what would you wish? Relate this feeling to one of your children. Is it the same answer?
Compare over 20 insurance companies in just ONE STEP for your child’s life insurance!
Insurance companies in Quebec offer a variety of solutions to parents. It is difficult to understand some of these recommendations and life insurance products for children. From higher education to the future of your child, these insurance products will fill needs during various stages of your child’s life. What should you do?
Ask yourself this simple question:
How much are you willing to pay for your child’s insurance?
If you do not know the answer, is it due to a lack of knowledge about life insurance? The majority of parents shop for prices of life insurance policies without analyzing the level of protection offered by the product chosen.
Is this the most sensible way to buy insurance?
To determine your actual life insurance needs, learn the best reasons to protect your child.
It is naturally better to buy life insurance for a child in good health. Many parents wonder if there is an ideal age to provide for their baby. Unfortunately, it is not always clear.
In reality, statistics cause the cost of life insurance policies to fluctuate:
Since mortality is higher in the first year of a child’s life, expect to pay a little more during this period.
If you decide to insure your child in the first week of his life, you also increase the protection of your whole family. With life insurance products, parents who provide life insurance for their first child get coverage for their entire family at the same time. In the event of the birth of little brothers or sisters, they will also benefit from this protection.
For instance, Industrial Alliance offers « Infant Insurance » which gives free coverage during the first year to all your children aged between 15 days to 1 year. If something unfortunate happens such as dismemberment during this time, you receive between $1,000 and $50,000 in compensation. In case of death, you receive $5,000 in compensation.
What if a child is sick? Should you still buy life insurance?
You are always enroute to the hospital and your precious one causes you much anxiety. Do you still need to apply to life insurance companies to obtain life insurance?
A sick child and life insurance
If your child was born with serious health problems, the best thing to do is to wait.
Sometimes, a child develops a heart murmur that lasts more than 2 or 3 months. If her condition improves, wait until her 1st birthday.
The insurer may refuse to insure your child.
To be insurable, his condition must return to normal.
This situation can seem unbearable for parents! Have courage!
For some parents, the first question is the practicality of insuring a child. Let’s discuss some ideas below.
Two opposing points of view in the family are in a battle regarding the purchase of life insurance for their child :
|Parents OPPOSING life insurance for their child
|Words often heard :
« If my baby dies, I don’t want get rich at his expense! » they say.
|Parents IN FAVOR of life insurance protection for their child
|Words often heard :
« I want my child to pay a ludicrous premium one day for his life insurance » they say.
Who is right?
A financial security advisor will usually point out to a new parent that the death of a child is costly. It is not uncommon to have to pay a bill of $10,000 or more for a funeral of a person in Quebec.
Imagine if it happens to you… Few people are able to bear the pain of losing a little angel. Expenses exceed those of an adult because of the tremendous grief of the parents. Most budgets evaporate in the death of a child. Even $5,000 or $10,000 insurance rarely pay for all funeral expenses.
Suggestion: If you are strongly opposed to receiving money if your child dies, choose a charitable organization as the beneficiary of your life insurance policy.
Before insuring your child with life insurance, follow the normal steps
to protect your family from financial disaster.
Whether you decide today, tomorrow, or never to obtain life insurance for your child, you do have the chance to compare prices.
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