Insurance for Children
We often face the question, do we need to insure our children? There are several reasons for ensuring our kids:
- possibility to accumulate money inside insurance (which you can take out at any time);
- possibility to give your child the paid-out insurance as a gift (contract is valid, but doesn’t require monthly payments);
- possibility to sign an insurance contract in the future without medical examination.
The last point is true if you have included into the parent’s contract (for the additional cost of $2/month) the following condition: a child, after he/she reaches 25 years of age, can sign life insurance contract up to $250,000 without medical questions. Contract may come into force before he/she reaches 25, if he/she gets married, a child is born or adopted.