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Child Life Insurance
All parents have the the same fear: that their child might get hurt or die. It is not completely unsubstantiated, as children face the same (and in some cases, greater) risks their older counterparts do. However, buying a life insurance policy for your child, which may seem like a good idea, is not financially practical.
The purpose of life insurance is to replace a loss of income, and in most cases, children are a source of little to no income. Therefore, while certainly a tragedy, the loss of a child would likely not cause any financial loss as far as income contribution. There would be an output of money for funeral costs, but these costs alone are not worth taking out a policy.
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Why Child Life Insurance is Not Recommended
Getting an early start on insuring your child in case of future disqualification from insurance is not needed, either. Any worries that a child who develops a medical condition later on will be uninsurable are usually impractical, because if you look hard enough, there are usually some companies that will take them on. Some even specialize in high-risk or specific risk cases.
If you want to provide financially for your child, it is better to make sure that you are fully covered and save any money that you would be paying on premiums for a child life policy, as experts say that far too many people are underinsured themselves. Saving for your child’s education is better, and if the unthinkable does happen, these savings can be used to cover any funeral and medical expenses.
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