Below are three reasons why life insurance in NJ is an invaluable gift to children.
1. Life insurance is cheaper when kids are young.
Life insurance premiums are based on a number of factors, and age is one of them. Premiums are typically lower for children because they are young and healthy. As children grow older or if their health condition changes, life insurance premiums will cost more. To lock in great rates for whole life insurance in NJ, it’s best to take out this policy when your child is young.
2. Provide financial stability for the future.
Most parents want to secure their child’s future, but this isn’t easy to do when you’re raising a family and paying bills. A life insurance policy has cash value that grows over time. When you pay the premium each month, part of your payment goes toward the premium and part goes toward building a cash value.
This cash value can then be used for things like a college tuition, a new home or a wedding. What a wonderful gift for the future! Plus, whole life insurance is far more flexible than a 529 plan that can only be used for educational-related expenses.
3. Invest in something practical and long-term.
While it’s not as fun as a game or toy, life insurance is a practical gift that your child or grandchild will come to value and appreciate. Toys and games are a dime a dozen and offer short-term fun, but they won’t be there for your child when they’re an adult and ready to start their life. You can even include a letter with your life insurance purchase to let your child know your hopes for them.
These are three great reasons why life insurance in NJ is an invaluable gift for kids. To learn more about taking out a whole life insurance policy for your child or grandchild, contact Leonard Financial Solutions today. We can help you choose a policy that meets your needs and budget.