During the holiday season, we tend to be very sentimental. We talk about how thankful we are for what we have – whether that is our families, health, friends, or careers. We gather, to be with our loved ones and we think about how we would do anything to protect them. That’s why our staff here at Farmers Insurance – Jenna Isch in Lafayette, IN wants to talk to you about the most important policy we offer and why it is important to purchase life insurance for your children or grandchildren. Your first thought may be “why buy life insurance for someone so young?” We’ve got a few reasons:
- To start, the cost of insurance for a child is typically much less than similar coverage for an adult. Some policies offer an option to purchase additional insurance in the future, regardless of whether or not your child has changes in their health, such as the development of a chronic illness.
- Over time, the policy can accumulate cash value. That means, when you reach a certain age, you can either borrow against the policy to supplement the cost of college, a home down payment, or even retirement.
- Generally, you can withdraw or borrow funds from the policy income tax-free.
- As your children or grandchildren get older, they can take over their own policies, and the premiums are much lower than if they would get a brand-new policy as an adult.
Every day, we’re grateful for our families, friends, and children—but especially this time of year. Let’s show them how much we care by making sure they’re taken care of—no matter what. Whether you have questions or are ready to set up a policy for your child or grandchild, let’s talk. Call our staff at 765-838-2781. We look forward to hearing from you!