Do you need to purchase a gift for your child?
Buy Your Children’s Lifetime Gift They Won’t Outgrow – Right Here
Children blossom and outgrow the gifts we give them as they get older. They outgrow the clothes, the toys, the jewelry, and all other gifts as they are growing. However, you can give your children, grandchildren, nieces and nephews fully-funded life insurance policies that they will not outgrow. These gifts will provide them with:
- Permanent life insurance to protect them (while they are growing) and their families in the future
- Cash value that can be used during different stages of their lives
- The option to increase their protection as their families grow
- Income tax advantages
Why whole life insurance for your child?
When our children are born, we want to help them achieve their dreams and see them achieve their financial goals. Buying a whole life insurance can give them a head start toward those goals. We want to buy them a whole life insurance policy because:
- Children are usually healthier
- Premiums are inexpensive
- 10 and 20 year paid up options are available
- Policy grows with your child
As your children grow up and have their own families, they may want to protect their children at that time by adding additional insurance. With the additional cost of (GIR) Guaranteed Insurability Rider, your children can purchase more coverage at certain life events, (marriage, adoption or birth of a child) or at regular intervals, as needed . You could guarantee that your children can add up to $1 million of life insurance, regardless of their future health. The policy also can earn dividends, which will increase life insurance protection and earn cash value; nevertheless, they are not guaranteed.
- Increase death benefit
- Increase cash value
- Dividends are not guaranteed
As adults, your children can use their policies’ cash value throughout their lifetime whenever they need it and whatever they find is important to them. For example:
- College tuition and expenses
- Graduation – Age 21
- Funding a wedding
- Down payment on a house
- First baby-Age 25
- Home purchase – Age 30
- Starting a business – Age 40
- Supplementing income during retirement
Many parents and grandparents want to get coverage and pay while the child is young, and do not want to have any additional expense as children become adults. Those people choose 10 or 20 year pay off policies.
In addition to this, there is also a Single (One Time) Payment Program, commonly bought by grandparents. This allows for a one-time payment that will fund future policy premiums.
If you would like to get more information about these policies, please contact us.