Most people know they need the protection of life insurance during their working years, but did you know some parents buy life insurance for their children, too? While some buy life insurance for kids for financial protection or a lifelong savings vehicle, others purchase it as a long-term hedge against the unknown.
When it comes to buying life insurance for kids, you’ll find a lot of conflicting – and even misleading – advice. Some experts even say buying life insurance for kids isn’t the best use of your money.
John Luongo, New York-based insurance agent and owner of Shop Around Insurance, falls into that camp – at least part of the time. While it’s crucial that primary earners and caregivers are covered, he says, life insurance isn’t really a necessity for kids because they aren’t earning anything, have no dependents or liabilities, and have only a very small chance of passing away.
What Types of Life Insurance are Available for Kids?
Whether you’re buying life insurance for kids or adults, the scope and selection of policies is similar. On one hand, there are term policies that last for a predetermined length of time and end once that time is up. Since term policies are typically the cheapest life insurance option, they’re extremely popular for adults purchasing life insurance during their working years.
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