Whether insurance for children is a good idea, is a matter of controversy in some circles. There are positives and negatives to the equation. Many financial advisors say the priority should be in making sure the parents have adequate life insurance, and once that is in place, other options can be considered. The pros at Access Insurance Services of San Antonio, TX can help you determine what is in your and your family’s best interest.
The primary benefit would be to cover costs involved in the event that a child dies. This rarely happens, so the odds are not very high, but still the cost of such a policy is an added expense. If your child is a major movie star, however, that could change the picture.
Another positive that is offered is that it makes sure a child will be eligible for insurance in the future if the child develops severe medical problems that might make it difficult to get insurance later in life. Again the odds of this happening are small.
A third area that is brought up at times is the idea of it being a means of savings, such as a whole life or permanent life insurance policy. This could create some cash value later on in life. However, the negative side is, you could perhaps do just as well with a savings account and not have the added cost of paying for insurance you may not ever need.
There is no clear black and white answer, and everyone’s situation is different. If you are considering this option, contact us at Access Insurance Services San Antonio, TX to go over your insurance needs. We can help you determine what is best for you and for your child’s future.