Your child probably doesn’t need insurance at the moment. After all, she doesn’t add to the family finances and she doesn’t have loved ones relying on her for financial support. But there are still some good reasons why purchasing a life insurance certificate for her might be a good idea.
The growing costs of premiums is the biggest thing to take into account when considering a certificate for your child. As a person gets older, the risk level associated with the consequences of age increases and so do life insurance premium costs. The older you are, the more expensive it gets.
However, if you purchase a Limited Pay Whole Life certificate for your child while she is still young, you will be giving her coverage for her entire life. It doesn’t have to be a large certificate, just enough to cover expenses in the event that they pass away.
Financially this offers your child some worthy benefits. A whole life certificate can be borrowed against if funds are tight and, as the certificate matures, it grows in value due to dividend participation. Purchasing a certificate early also saves your adult child from having to pay much higher premiums for the exact same coverage when they do reach a point in life that they need life insurance coverage.
The other big thing to consider is your child’s health. Hopefully, they are healthy for many years to come and experience no serious health problems during the course of their life. However, if health problems do develop, it may make life insurance unattainable. Purchasing a Whole Life certificate before health issues emerge will guarantee that she has at least a little coverage. After all, everybody needs a little life.
Life insurance is a gift to your family, to the ones you love most. Don’t wait until it’s too expensive or you’re uninsurable to try and get coverage. Call PRCUA today for a free quote and to learn about the great fraternal benefits that accompany a PRCUA certificate.