Is there anything cuter than tiny baby feet? Most parents and grandparents can be mesmerized for hours by babies. Listening to babies coo. Counting their little toes and little fingers. “Wait, I think he smiled at me. Pew! What’s that smell? Oh, that’s why he is smiling!”
True. Raising children can be challenging, both financially and emotionally. True. Children do not contribute to the average household income. True or false? A permanent life insurance plan on a child can offer financial advantages for them later in life. TRUE!
Before you run from their tiny bassinet to buy their first pony, think long term for just a moment. Here are some advantages to insuring young children or grandchildren.
Affordability. Young children are generally issued at the lowest available rates.
Insurability. The ability to actually be insured, insurability, is key when starting a life insurance plan. Health issues are minimal or non-existent for most young children. Health concerns later make it hard to insure children or grandchildren.
Reliability. Policy cash value grows over time, tax-deferred. Policies are often seen as a reliable savings tool.
These two young fellows were insured as infants. I’m proud of the my grandsons, ages 7 and 5. We talk about money and finances, their future plans and goals. .. .their thoughts on starting a lawn mowing business, graduating from college and building their own homes. When the time is right, they will have finance options through their life insurance cash value to accomplish these things.
Investing resources and TIME with the next generation pays great dividends!
“Grandpa, when I grow up I want to built my own house for my family.”
