Life insurance serves as a way to provide financial benefits to your beneficiaries in the event of your death. If you have had someone in your life who has passed away and left you as the beneficiary, then you know first hand how advantageous it is to have someone think of you in this way. This is why it is so important for you to have a Burlington, NC policy and name your children as the beneficiaries. Also important is that while your children are young, you can set them up policies so that they can leave their children with life insurance benefits. In fact, the younger your children are when you invest in this type of policy for them, the cheaper the rates will be.
How old do children have to be to get life insurance?
There is no age minimum for children regarding when you can buy a life insurance policy for them. The younger and healthier they are, though, the lower the premium rate will be. And many times, you can buy a policy with a locked in rate, making it exceptionally affordable for your children to continue their policies even after you passed away and are no longer paying for it.
How cheap is life insurance on children?
Because life insurance policies vary from one carrier to another, you will need to speak with an insurance agent to determine how much it is going to cost to buy life insurance for your children. There are other factors that will impact the rate as well, including whether your children have certain health conditions, such as heart complications. Health problems don’t always necessarily mean a rate will increase, though.
To learn more about life insurance, as well as other types of insurance, including commercial policies, contact Don Allred Insurance today serving the Burlington, NC area.