Buying life insurance for a child in New York is a difficult issue and can be very emotional for parents. Gregg Stephens Insurance is available to help you sort through the task of deciding to purchase this type of insurance for your children.
Some factors to consider in Juvenile Life Insurance are:
These policies will lock in future insurability and will stay in force regardless of changes medical conditions. Things to consider will be family medical history and the possible the development of an adverse medical condition which would make coverage more expensive or the child uninsurable.
These policies are designed to pay funeral and end-of-life expenses. A life policy can protect your family’s financial flexibility so you are able to salvage somewhat of a healthy life moving forward. Childhood diseases and violence often take children long before their time. The expenses of ambulances, doctors, hospitals, medications, and the funeral will be a painful reminder and make the healing process much harder. The effect of losing a child can also result in difficulty returning to work, therapy for you and surviving family, or marriage counseling.
A policy purchased for a child less than a year old will never be less expensive. Policies which build cash value can be a benefit later on in the life of the child for college expenses or purchase of a new car or the first home. Call Gregg Stephens Insurance today so we can help you review all your options.