Parents usually cringe when I mention the possibility of life insurance for their children…..and I get it! I’m a parent too. I understand how difficult it is to imagine a world where you outlive your baby. However, it is a necessary discussion, especially today.
Funerals for children can be just as expensive as for adults. Are you financially prepared to pay between $4000 – $6000? Per child? Without affecting your household budget? If you are like me, then you are still building the legacy you plan to leave behind. An unexpected tragedy like this could cause many forms of depression, including a financial one.
Life insurance is also extremely affordable when you are young. For the cost of a PS5 for a few pairs of designer shoes, you can cover the premiums of a life insurance policy for years! It could also be a great way to invest in their future. Whole life policies typically follow your child into adulthood. This means they are locked into a low monthly premium for life, no matter what health problems may develop down the road. Of course, as long as the premiums are paid.
