Thursday, August 19, 2010

Education insurance for your children

The love for children is so much that parents are willing to do everything for them. Right? There wouldn’t be any parent who does not think for the future of their children. When one enters a married life, he is already thinking of having a baby. As early as conception, parents are already preparing for the future of their baby.

Education of the child is the very first thing parents would think of when the baby is born to the family aside from bringing him/her up. That is why couple would plan for the education of their child as early as they can. This is to prevent the child from being deprived of his right for education in case something happen to the parents. Education insurance can help the child to pursue his education with or without his parents later if he has been insured of his education through education insurance.

Education insurance can be purchased anytime for a child, even before the child is born. It is beneficial to purchase during this period because the premium is lesser compared to when the child is already there.

At the moment you buy education insurance for your child, you should already decide which school your child will study. If you plan to send your child overseas to an exclusive school, you know that you will need to prepare a huge amount later. So it is better to have a plan for his education as early as zero age.

The premium of the education insurance depends upon on the kind of school your child will enter in university. Alongside with the education insurance are benefits for the payer. Insurance companies offer in case of untimely or premature death of the payer, the insurance is considered paid. This means that the child’s tertiary education is already assured even without his parents. The child will enjoy the benefits of the education insurance that his parents brought for him.

If you are a parent who wishes to offer a bright future for your child, get education insurance for him now.

Some parents have purchased permanent life insurance policies on children so that they can use the cash value accumulation later in life. Permanent life insurance should be considered on a child once the parents have taken care of their own life insurance needs.

The added benefit is teaching child about life insurance. Parents that show their children the benefits of life insurance prepare the child to take responsibility for their own financial future.

You may ask is it wise to buy an insurance policy for your child? Is it really necessary? Parents often ponder over these questions.

It is wise actually buying a policy of child life insurance as it leads your child’s life to a future which is financially secured. As they step into adulthood, the child life insurance policy will have cash value that supports your child’s life with a financial cushion.

Child life insurance policies are affordable as any adult life insurance policies.

Some might consider this as a foolish decision to spend money on any child life insurance policy. But the following are reasons why it is important to beneficial to have a child life insurance policy.

  1. In case your child suffers from illness that may take his/her life, you may be left with funeral and burial cost or may be even medical bills. So the pre existing life insurance proceeds could provide the extra cash you need to settle the worries.
  2. In case of fatal illness, you may have to bear huge medical expenses. So the child life insurance policy’s proceeds can support the family with significant financial relief.
  3. If your child develops any serious medical condition while he/she is uninsured, parents may find premiums to be expensive. However, early coverage results in significant cost-savings.
It is agreeable that the child hardly show any significant contribution to family’s income, but purchasing some insurance policy for children can really give good financial support under certain events.

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