September 2013 Monthly Memo: Life Insurance Awareness Month

    Bibs. Cribs. Teddy bears and knitted blankets. The gifts pile up when you welcome a little one in to the world. But, one very important gift is often forgotten: life insurance.

A little known fact is that life insurance is just as important for children as it is for adults, but for different reasons. For instance, with an infant you don’t need insurance to cover loss of income they earn. But, purchasing life insurance for a child can help guarantee financial security for them and their future family.

Here’s how:

It will guarantee insurability. You never know what tomorrow will bring. In the unfortunate event that your child develops an illness or medical condition, they may become ineligible to purchase life insurance at a reasonable rate. Purchasing life insurance for your child when they are young guarantees the insurability of the individual for life. If your son or daughter does become uninsurable, they will already have and be able to keep the coverage from the policy you purchased.

It can help financially protect your family. We hate to think about losing a child. But the reality is, sometimes it happens. While losing a child doesn’t result in the loss of income, it can cause a financial strain. Funeral, burial and related expenses can run thousands of dollars (during a very emotional time). Purchasing a life insurance policy will help to ease the financial hardship.

It’s the easiest time to do it. The easiest time to buy a life insurance policy is when the child is first born. Unless your son or daughter is born with a medical condition or there are complications at birth, the process of obtaining a life insurance policy is quick and simple for a child.

Also, premiums are at their lowest. Compared to an adult policy, a whole life or universal life insurance policy for a child is an affordable way to provide the same lifetime coverage. Purchasing a whole life or universal life policy while your child is young ensures a more financially secure future.

You have options to choose from You can purchase a life insurance policy when your child is 15 days or older. And, you can choose the product that’s right for your family

  • How life insurance savvy are you? quiz
  • Find out how much life insurance you may need with this easy online calculator
  • Types of term life insurance policies  *  term vs. perm lifeinsurance.  
  • How To Choose The Right Type of Life Insurance
  • There are probably many more than a million reasons why you need disability insurance. And they all lie in one number: the money you’ll make over the course of your career. Curious to know how much you’ll make? Plug a few values into LIFE’s Lifetime Earnings Calculator. The results may surprise you. This calculator is also intended to show you how much money you stand to lose if you become sick or hurt and can’t work.
  • Download this Consumer Guide to life insurance
  • The key to any good relationship is trust and the client/agent relationship is no exception. You need to trust your agent’s knowledge, experience and professional judgment. And above all, you always should feel that the agent is acting in your best interest. The agent also needs to trust you. He or she needs to know that the information you provide is truthful and complete. And ultimately, the agent needs to have faith in your ability to make the right choices for your family. When it comes time to visit with your agent, here’s information that will help ensure a productive meeting.