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Many people do not have a clear understanding of all the benefits of a kid’s whole life insurance policy. Most of the time the thought is “nothing will happen to my child anytime soon so why would I purchase this?” This would be a good thought if you were only thinking in terms of the benefit going to the parents.

We need to look at this differently in the lens of what it does for the child. There are three huge benefits I want to cover:

  • Locking in the rate while health is good– As most of us know, the key to a good rate in life insurance is our health. When we get a policy for our children their rate is locked in for a lifetime no matter what health complications may arise later in life.

 

  • Incredible Rate– When you get a policy when they are young of course the rate is much better. You can literally get a $50,000 whole life insurance policy for a newborn for $15 a month! Can you imagine paying $15 a month for a whole life insurance policy when you are 70 years old! It is locked in for life. And there is no medical underwriting so it issues in one week!

 

  • Cash Value- Though the amount put into the policy is not much you will literally have received all your money you have put into it by the time they are 45 years old in cash value. By the time they are 70 years old they have literally doubled their money.

 

As you can see the benefits are incredible and is a must for every child. What a great gift from a parent or grandparent! Could you imagine if your parents would have done this for you? I quote people in their 70s all the time for just a $25,000 whole life policy that is often times over $100 a month and that is if they are in good health!

If you would like a quote or have any questions, please email me at chris@therockinsure.com