~A Financial Head Start for Added Peace of Mind~
When clients think about purchasing life insurance, its usually for themselves and often tend to overlook the idea of purchasing life insurance for their children. Children typically become eligible for coverage at 15 days old. Once that threshold is met, a policy for a child or grandchild can be purchased at any time until they reach adulthood.
Considering a Whole Life policy for a child offers several advantages.
- Future insurability: Guarantee the child will have coverage even if they develop a health condition later in life.
- Lock in in low premiums: Rates that won’t increase. The younger the child, the lower the premium.
- Flexible payment options: Level, 10-pay, single pay or paid up at age 65
- Acts as a savings account: Builds cash value over the entirety of the child’s lifetime. That’s money a child could one day use to pay for things like college tuition, a down payment on a home, or a wedding.
As a child grows into an adult, another nice feature available is the option to reduce the death benefit each year. This is particularly strong for SBA loans that require insurance. The SBA is forcing them to purchase the policy which ends up being a great sale! Most carriers have restrictions on reducing the death benefits of either, only once, or no less than 50% of the death benefit; however, we have a whole life option that will allow the client to reduce the death benefit each year if they want to.
No matter the age or stage of life, life insurance can be a valuable protection tool and Wholehan Marketing is standing ready to help at every stage of life, find the financial protection needed.
Jody Horetski
Life Insurance Consultant
1.800.535.6080