We provide protection with life insurance companies you can trust.
At The Financial Architects, we only work with A+ rated companies to get you the best life insurance quotes.
We understand that every client’s needs are different, and that is exactly why we partnered up with over 30 of the best life insurance companies.
We offer term insurance, permanent insurance, and policies with return of premium; it all depends on your needs and the goal of your policy. You’re probably wondering, how do I know which type of policy is best for me?
If you are on a budget and want to make sure you have some protection for your family, then you may start off with term insurance because it is the most affordable. It covers you for a set amount of time, and once that term ends, so does your policy. Now a days there are even options that may allow you to get your premiums returned. Depending on your budget a permanent life insurance policy may be your best bet and can be an important financial planning tool.
And because of that, getting life insurance sooner than later is so critical.
Life insurance for your child can offer a range of long-term benefits that may surprise you.
If you already know that value of insurance perhaps you have not really given it too much thought, but what about insuring your children, does that make sense when they are so young and healthy? Getting life insurance on a child may be frowned upon. That is understandable; no parent wants to imagine a scenario in which they might collect a death benefit on their child’s life.
Here are a few reasons why purchasing life insurance for your children makes sense.
Most life insurance policies for children are permanent. One of the greatest benefits of permanent insurance is that if you pay your monthly premiums on time, the policy covers you for life. This means that when your children become adults (and will likely want life insurance), they will already have a policy they can continue throughout their lives. To be clear, I don’t want the death benefit. If I ever actually collected it, it would be helpful at a time that one would be so devastated, I can’t imagine having to work through the grieving process.
Someday, I hope my child will get married and have a family of her own. At that point, she will likely want insurance on herself. $100K will be a nice starter policy. But what we’re really doing is protecting their ability to buy more insurance should something happen that would cause the price to be expensive for them. This is a concept our industry calls insurability. Say one of our kids is diagnosed with diabetes. In such a case, they may not qualify for life insurance and if they do, it would be more expensive.
It Will Lock In Their Insurability
Your ability to get life insurance and the cost of that insurance is based in part on your health at the time that you apply for coverage. Diabetes, heart disease, a history of cancer or any number of health issues can make it difficult to qualify for life insurance. Those who are able to get a policy will likely pay more for the same amount of coverage as someone who is healthy.
But once you have an insurance policy on a child, the coverage can continue no matter what happens to their health. You can purchase additional coverage that allows your child to purchase more insurance at set times in the future at rates based on their health when their policy was initially purchased.
When you get a permanent insurance policy for your child, the monthly bill that you pay will depend on several factors, including the size of the policy and your child’s age and state of health at the time that the policy is purchased. For most families, the cost is relatively inexpensive because insurance pricing is based on age and health. This means the premiums will remain affordable for the insured, who may take over the policy payments as a young adult.
It Builds Cash Value
Another benefit of a permanent policy is the cash value, the money that grows in a tax-advantaged way and is unaffected by the markets. In the future, your child will be able to access it at any time for any reason, from covering emergency medical expenses to helping to pay for college or perhaps even paying for a wedding. Individual policies may vary. And with the type of policies they have, once the money is there, the value won’t go down unless they take it out. The stable cash value of life insurance can be a great supplement to retirement income — something that you could tap into in down market years (because it won’t decline with the market). Can you save more by just investing the money? Sure, but the stable cash value is a great side benefit that comes along with my decision to make sure my child will have life insurance and the ability to get more when they need it.