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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.

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