This season if you, your parents, or grandparents are looking for the perfect gift for your child or grandchild, consider the gift of life insurance. It may sound strange purchasing life insurance on a child, but the benefit is not for you – it is for your child’s future and their family. Several clients of mine have not had the fortune of being insurable for life insurance due to certain health issues that started in their younger years and have persisted through adulthood. By purchasing a policy early while your child is still healthy, you are ensuring that your child’s future family will be protected.
Not only does it provide protection for their future family, the premiums you put into the policy can be taken out and used to purchase their first car, put a down payment on their first home, and allow the child to contribute to the policy to save for their own retirement.
For example, if you started saving $99/mo on a 2-year-old until they are 22 this has the potential to set your child up to put a sizeable down payment on a home at age 25 as well as utilize the policy for considerable monthly cash flow in their retirement years.
By starting early, you can leave a lasting financial legacy for a child or grandchild.
North Star Consultants - Celebrating over 110 years of business
Jackie Fuller - Practice Assistant