Unlike 529 college savings plans, a life insurance policy for kids can be used for purposes other than education. Your child could use the cash value of their insurance policy for things such as starting a business, helping them purchase a home, or covering wedding expenses! It’s best to purchase life insurance for kids as soon as possible, as the earlier you begin the policy the longer it has to build cash value. However, this isn’t the only advantage of a children’s life insurance policy!
Additionally, getting a permanent life insurance policy now means they won’t have to worry about qualifying as an adult later. Juvenile life insurance policies guarantees the future insurability of your child, regardless of their future health or lifestyle. It doesn’t even require a medical exam! Purchasing a life policy for your child now can also help them get the best possible premium rate, as costs tend to be much higher as an insured ages. A well thought-out life insurance portfolio can be a great asset for your children or grandchildren!
Life Changes & Policy Reviews
If you’ve recently moved, changed jobs, had a baby, or purchased a car then you may need to make important updates to your insurance. These big changes can often lead to overlaps and gaps in your coverage. So, make sure to schedule a review once a year so that we can make sure your coverage is still appropriate! During your policy review we’ll make sure that you have the right combination of policies and coverages. We’ll also make sure that you have all the discounts that you deserve! The more complex your life gets, the more important it is to make sure you have the correct coverage. Schedule your policy review session today!
Often clients think that getting separate quotes means that they are also saving by splitting up their policies. However, many carriers offer a multi-line discount for clients that bundle more than one insurance product together. For example, Farmers offers a multi-line discount for auto/home and home/life bundled policies. Unfortunately, many people don’t realize that they have a gap or overlap between their insurance policies! This often occurs when an insured uses more than one insurance carrier to cover them. A policy review can help to ensure that you aren’t paying for the same coverage twice! Our policy review sessions can also help to ensure that you’re only paying for the coverages you actually need. Additionally, an insurance review is the best way to make sure you’re getting all the discounts that you deserve. You’ve earned them, lets make sure you’ve got them!