Child Riders…….Why?
Why do we wait until our children are 18 or older before we consider purchasing a policy for them?
Yes, I know to add a child to the adult’s policy is less than $5.00 per month, however, when you purchase a whole life insurance policy for them at a young age (first born), it will never be that inexpensive again and the price will never change.
The benefits of your young child having a whole life insurance policy of their own is that it grows cash value and it stays with you for LIFE! No one can take it away from them. It was purchased before the child was diagnosed with any illness that may be detected later in life.
Find an insurance policy that you can pay into for approximately 20 years for your children/grandchildren, I did it for my grandchildren and my plans are to give it to them on their wedding day, that will be my gift to them, it will have cash value in it, and it will be a life insurance policy that they don’t have to pay premiums for anymore.
Now; mind you, this policy may not be enough for what they need to secure in life but it’s a help. As Parents and Grandparents, we tend to want to overdo it. Remember our job is to educate our youth so as long as you teach them to be responsible by teaching/showing them what is important, your job is done, and they will do it for their youth, because you taught them at an early age.
For more information on insurance and child riders, contact Stevie Swain at Swain Consulting, LLC. at 513-818-1753, ext 4.