3 Benefits of Getting a Child an IUL Early
Life insurance can seem unnecessary and expensive to many, but for me, it's an essential part of my financial plan. When it comes to providing for my children's future, having life insurance policies on them is critical.
LOCK IN A LOW PREMIUM RATE
As a parent, you want to do everything you can to protect your children. That's why it's essential to lock in a low premium rate on life insurance policies for them as early as possible.
The younger your children are when you purchase life insurance policies, the lower your premiums will be. That's because there is less risk involved when insuring younger people. Buying life insurance policies for your kids while they are still young is best if you can afford to do so.
Of course, you don't want to wait too long, either. If you wait until your children are adults, they may not be able to get coverage at all if they have pre-existing health conditions. It's essential to strike a balance and purchase life insurance policies for your kids while they are still young but old enough that their health will likely stay the same soon.
GUARANTEE INSURABILITY
As a parent, protecting your children is always top of mind. And while you can't be there to protect them from everything, you can give them a financial safety net through life insurance.
Most people think of life insurance as something adults need to have in place in case they die prematurely and leave behind loved ones who depend on their income. But life insurance can also help cover the costs of a child's education or future medical expenses, giving you peace of mind. If something were to happen to your child, the resources would be there for you financially. No parent wants to think about their child having a major medical problem, but it's essential to be prepared for the worst.
START ACCUMULATING CASH VALUE
As a parent, it's natural to want to do everything you can to protect your children. One way to do this is to start accumulating cash value in a life insurance policy as early as possible. By doing this, you can ensure that your children will have the financial resources.
Using an IUL as a supercharged savings account, the cash value is able to grow uninterrupted and tax-free. By starting early, you can maximize the money your children will have available to them. When they are young and healthy, more of your premium contributions go to the cash value rather than the cost of insurance.
*Disclosures: Educational purposes only. No statements should be considered advice. Past performance and numbers do not guarantee future results. Life insurance is not an investment.
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