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  • Home
  • About Us
    • Meet our Team
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
  • Blog
  • Service
    • Policy Review
    • Update Contact Info
    • Life Insurance Application
    • Request a Free Consultation
  • Individual
    • Life Insurance >
      • Term Life Insurance
      • Whole Life Insurance
      • Final Expense Insurance
      • Individual Life Insurance
    • Medicare
    • 529 Plan Alternatives
    • Social Security
    • Disability Income Insurance
    • Annuities
  • Business
    • Life Insurance Options for Businesses
    • Disability Insurance Options for Businesses
    • Medicare Educational Seminar
    • Social Security Educational Seminar
    • Group Life Insurance
    • Executive Plans
  • Contact Us
    • Schedule Appointment
    • Location & Contact Information
    • Careers

our Blog

3 Reasons Why Life Insurance is an Invaluable Gift for Kids

1/5/2021

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What do you buy for the child who has everything? A life insurance policy makes a great gift, though it’s not something that people think about often. This policy can give your child or grandchild a financial head start in life whether they choose to go to college, buy a house or pursue a different dream. It can also protect their future family - your grandchildren or great-grandchildren. 

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. 
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How to Choose a Permanent Life Insurance Policy for Your Child

1/3/2021

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Congratulations! You’ve made the decision to buy life insurance for your child. This is a thoughtful, practical gift, though your child probably won’t realize it today! But one day in the future, they will have tax-free money to use for college, a new home or a new business. 

Shopping for life insurance in NJ is pretty easy because most children are healthy and don’t require a medical exam. It’s important to note, however, that coverage is usually limited to a maximum percentage of the parents’ coverage, and siblings must have equivalent amounts. 

With that out of the way, let’s get down to business. Here are the steps to follow when choosing a life insurance policy for your child. 

First, the Benefits. 

Most parents start by comparing a 529 plan to a whole life insurance policy. Both have their benefits, but there are a number of reasons why we feel the upper hand goes to life insurance: 

  • Permanent life insurance policies include a death benefit and a savings account. 529 plans do not. They are simply a savings tool for college-related expenses.  
 
  • Your child can borrow against their savings account to pay for things like college, a new home or a wedding. The money in your child’s 529 plan can only be used for college. 
 
  • 529 plans count as an asset when you go to apply for financial aid. This can lower the amount of help you get. Life insurance policies are not considered an asset, allowing you to get the full amount of aid.

Steps to Selecting Whole Life Insurance for Your Child 

  • Contact a financial advisor. Because there are so many different policies out there, it helps to speak with a financial advisor in NJ who can answer your questions and compare the differences between a 529 plan and whole life insurance. 
 
  • Fill out an application. Your financial advisor can run several quotes for you. All you need to do is fill out an application for your child. It’s simple - don’t worry! Kids are usually healthy and don’t require a life insurance medical exam. 
 
  • Look over your quotes. With your financial planner in New Jersey, look over your quotes. Insurance policies vary slightly. Fortunately, no matter which policy you choose, your interest rates are locked in. 
 
  • Take over a policy. Once you decide on a policy, you’ll be the owner of it until your child is an adult. You’ll have options to pay off the policy or stretch payments out across many years. When your child is an adult, they’ll become the owner and can take over the payments. 

Ready to Find a Life Insurance Policy? Contact Us Today.

Leonard Financial Solutions offers whole life insurance in NJ from a number of different carriers. Contact us today and we’ll be happy to go over your options and the policies that best fit your needs. 
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College Planning: A 529 Plan Alternative

4/27/2018

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​You may know a 529 plan as a tax-advantaged savings vehicle to help fund a college education (Not familiar? See below).  You should consider whole life insurance as an alternative with similar contribution, accumulation and distribution tax features of a 529 plan, but with additional benefits.  This option will allow you to:

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