The Gerber Life Parenting Blog

Child Life Insurance: Three Reasons to Buy a Child Insurance Policy Today

June 20, 2011

No parent wants to think about their child needing life insurance. After all, life insurance is designed to cover funeral expenses when you die, and help your loved ones continue the same standard of living they had before your death.

Some people claim that, because a child has no dependents to support, they don’t need life insurance. But that’s only half the story. Here are three important reasons to buy your child life insurance today.

  1. Lock your child into low life insurance rates for the future. Who knows what lifestyle choices—such as smoking—or health your child will have in the future. Life insurance is all about planning, sometimes for the worst case scenario, unfortunately. With a child life insurance policy that automatically converts to a regular plan during the year your child turns 18, you will lock your child into lower life insurance rates (up to 60% savings) than they can get as a healthy adult.
  2. Give your child a financial head start. The Gerber Life Grow-Up Plan is not just a child life insurance policy, it’s an investment. When he turns 21, your child becomes the owner and can borrow against the plan (as long as premiums are paid), cash it in, or continue paying into it to build a nest egg for his own family.
  3. Funeral expenses. It’s the elephant in the room when you talk about child life insurance, but if something were to happen to your child, would you have the money to honor them in the way you want? Losing a child is the worst thing that could happen to a parent; you won’t want to add financial worries to your burdens.

However you look at it, what child life insurance really buys is peace-of-mind—for just pennies a day!

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