Why You Should Consider Florida Life Insurance for Your Child

Almost everyone understands the importance of Florida life insurance: it will help to pay for final expenses and provide security to loved ones upon your death. However, there are many people who question whether life insurance for children is really necessary. Here, we’ll take a look at some of the reasons why it should be a serious consideration.

Covering Burial Costs

There is just no arguing that funerals and burial costs can be quite expensive, and this is also true for children. Although the mortality rate for children is very, very low, a life insurance policy can provide some security. The death of a child is a difficult event, and adding financial burden to this can only make things harder. By choosing to cover your children with such a policy, you won’t have to worry about money during such a traumatic time. The costs associated with children’s life insurance in the state of Florida are incredibly low and, in some cases, you can lock in up to $10,000 in coverage for just a few dollars per month.

Medical Expenses

In some cases, children are afflicted with serious illnesses or injuries prior to their death. While medical insurance is a necessity for these things, there will likely also be out of pocket costs, as well. For this reason, purchasing a Florida life insurance policy can make all of the difference. It will take care of these out of pocket costs and reduce the burden on the family. However, it is in your best interest to purchase life insurance for your children soon after their birth. This way, you won’t need to be concerned with higher premium costs due to pre-existing health conditions. In most cases, once the policy has been purchased, the rate is locked in.

Policies with Cash Value are Good Investments

Many of the life insurance policies that are geared toward children build a significant amount of cash value as they grow, and this can double—and sometimes even triple—if the child chooses to continue the policy into adulthood. Not only is this a good investment for your child, but it also helps to provide some financial security when they choose to go to college or even if they want to use it as a ‘nest egg’ when they start families of their own. In the event of a financial emergency, they have a policy that they can essentially borrow against and repay as needed. Not all policies build cash value, though, and those that do typically have higher premiums.

Other Options

If you are still not sold on the idea of purchasing life insurance for your child, there are some other options available to you. You could always save money in some form of a savings account, such as an IRA, that will accrue interest as your child grows. This way, you can still provide your child with a sum of money when he or she reaches adulthood. If you are concerned about burial costs, many adult Florida life insurance policies will allow you to add a rider of between $5000 and $10,000 to your own life insurance in case the unthinkable should happen.

Whether or not you should cover your child with a Florida life insurance policy is a personal decision. However, with all of the benefits associated with doing so and the low monthly premiums, it is often much better to be safe than sorry in such situations.