Life insurance for children does make sense for several reasons:
- A permanent policy provides cash value that can be borrowed against or withdrawn, if needed
- Cash value grows tax free
- Cash value in a life policy is not counted by FASFA when determining financial aid for college
- Insuring anyone while there healthy is a good idea, because their health condition could change
- The unthinkable is possible and having some funds to cover final expenses and bereavement is worth considering
- Life insurance is a truly thoughtful and loving gift
Life insurance for children is a good idea worth considering. A permanent policy, like whole or universal life, is the right type of insurance for a child.
