by Animesh p
Published Thu, Apr 13th 2017, 17:37 | Finance
Life insurance for children is a heavily growing market because of diseases and illnesses that exist today. In the world we live in today children are becoming more vulnerable to new illnesses and it is important to protect them in a financial sense in case something was to develop. It is a shame that most people do not even know they can get life insurance on their kids.
It is a lot cheaper to get a life policy on your child when they are healthy as opposed to after they develop an unfortunate illness. For example, I have a friend who has a 5 year old son who was very healthy and all of a sudden had developed a terrible case of asthma, in fact it was life threatening! He could not sleep for days as his son was hospitalized, doctors really did not know how things were going to turn out because of weak his lungs were.
Now, I know that no parent actually ever wants to think of their own children passing away at an early stage of their lives, but it happens and it happens more often today than before. So my friend called a life insurance company to see how much a policy would cost since things were not looking good. They quoted him $55 per month more than your typical low premium payment because his son was already in a life threatening situation!
The point of the story is that people by life insurance on their child because you really never know what is going to happen. If you or someone in your family has some sort of illness than it is recommended that you buy a policy. Most illnesses are hereditary and your child will most likely receive the same type of struggles as who ever has an illness in the family. Of course it may skip a generation, but do you really want to take the chance?
So in final words, you should really pay attention to the types of illness Claim Settlement Ratio receive at young ages as they are becoming more typical today than ever before. You should also be conscious if there is anyone in the family with some sort of illness that maybe passed down to your kids. So people usually buy life insurance for these reasons. But there is another reason why people get this type of insurance on their kids and this reason is more for financial, to receive a large sum chuck of money. Would you like to learn how you can pay for college when your kid grows up?
Source:- http://bit.ly/2pANFDD