If you get upset about the idea of purchasing a life insurance policy for your child, we understand. There are many misconceptions and assumptions about what that really means. Do you expect to benefit from the loss of a child? No. That’s not the intention. In fact, a life insurance policy is purchased FOR the child and not for the surviving parent.
We know the conversation is an uncomfortable one (we’re parents too), so allow us to explain why a life insurance policy is one of the best gifts you can give your child.
There are many instances later in life, that can dramatically increase both the difficulty of getting life insurance coverage, and the monthly premium costs. These circumstances can include a chronic disease like cancer, diabetes and in some tragic cases, a terminal illness. By the time any individual is formally diagnosed with a chronic illness or life-threatening disease, the option of life insurance is often too expensive for most family budgets to navigate.