Gifting life insurance to kids. Why Buy Life Insurance for a Child?
- The greatest benefit of purchasing life insurance for a child is protecting their insurability. No one knows what the future holds, so purchasing life insurance for a child ensures that they have a lifetime of coverage that they many not be able to purchase as an adult due to an unexpected illness or disability.
- Life insurance typically costs much less for children than it does for adults
- If offers permanent, lifetime coverage
- The parent or grandparent can maintain ownership and premiums of the policy until the child reaches adulthood
Types of policies to consider:
- Whole Life (builds cash value)
- Single Pay Whole Life
- Ten Pay Whole Life
- Simplified Issue Children's Advantage Plan Plus
- Universal Life
Gifting Life Insurance to a Charity. Why buy life insurance for a Charity?
- Charitable gifting of life insurance helps preserve the future of an organization you care about
- Allows you to leave a larger contribution to your charity: you can take the money that you were planning on gifting to the charity to purchase a life insurance policy with a much larger death benefit amount.
- Helps you leave a legacy
- Gifting your policy to a charitable organization may also yield a current income tax deduction.
- Support a great cause!
Talk to your local agent about life insurance.