This is a difficult conversation, but it is something that should be discussed.
Here are 4 reasons why you should consider insuring your children & grandchildren:
1. Guarantee insurability for the future. Just in case down the road, as an adult, they become uninsurable not only because of health issues but also because of lifestyle choices such as skydiving, bungee jumping, paragliding or drug usage.
2. It’s a wonderful legacy gift to be able to provide your child with a fully paid up permanent insurance policy as an adult, with cash value. Many insurance companies include an option for your child to increase coverage as an adult. This is great because they don't have to qualify to get it. The kids can eventually borrow against the cash surrender value of a permanent policy. This is how we bought our first good used car after we got married.
3. If the unthinkable happens then having insurance on your child will help ease the financial strain of funeral expenses. Dealing with a tragic loss does not need to be compounded by financial stress. Having proper protection in place allows you to take the necessary time off work to grieve.
4. It is very inexpensive. Especially if the policy is taken out at a young age. Permanent insurance works best and can be paid for in full within 20 years or less and will continue to grow in cash value for years to come. It's also a great strategy to grow money on a tax-sheltered basis.
If you would like to explore some options and prices give us a call or send us an email.
We help our clients create sustainable, predictable, and tax-efficient cash flow for retirement, to ensure they never have to worry about running out of money.
Want to retire in the next few years? Learn more about our services and book an appointment.
Retirement Income & Investment Planners,
Willis & Nancy Langford
