Absolutely! Getting life insurance for kids can provide them coverage and benefits early in life at a lower cost than waiting until they are older.
What are the potential benefits of buying life insurance for a baby?
The chances of a healthy baby dying are statistically very low. Furthermore, a baby is obviously not an individual who has to worry about providing for any dependents in the event of their death. Though funeral costs and future income are among the primary reasons an adult would want to buy life insurance, there are other reasons as well that are uniquely applicable to children.
The ability to qualify for life insurance depends upon a number of different conditions. An individual’s health and age can tremendously impact their ability to qualify. Naturally, when someone is a baby, they are the youngest and they will ever be.
Babies have the longest amount of life left to be lived. In the eyes of an insurance company, this means they will not have to “cash in” on their policy for a very long time. Because babies are such low-risk life insurance policyholders, they are essentially guaranteed to qualify for nearly all possible life insurance policies (usually after they are 14 days old).
The lowest possible monthly rates:
In addition to being able to qualify for life insurance in general, babies are also able to qualify for the lowest possible rates. One of the reasons that many parents consider getting life insurance for a newborn baby is that they have a unique opportunity to “lock in” the lowest monthly rates on the market.
By having these rates locked in, your baby will be protected from rate increases that will inevitably happen as they get older or as their health begins to worsen over time. Not only will the monthly cost of life insurance be less for an individual who qualifies for a plan early in life, but the total cost of the plan might end up being less as well.
Call Cosmo to get a free life insurance quote today!
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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