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Life Insurance for Parents and Children | Child Riders | Quotacy - YouTube
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Hey everyone we're Jeanna and Natasha from Quotacy.
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Today we want to talk about life insurance for parents and children.
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Not everyone needs life insurance but parents need it the most.
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Especially if your children are still young and completely dependent on you.
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Term life insurance is affordable and designed to last a set period of time.
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The best time to buy a term life insurance policy to protect your family
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is during their most vulnerable years.
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When we say most vulnerable years,
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we mean when your death would have the greatest impact
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on your loved ones' standard of living.
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This is often when you're paying the mortgage, day care,
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keeping your kids dressed and their tummies full,
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saving for their college, and paying off car payments all at once.
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It's these years of your life when your family is in their
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most vulnerable years and when term life insurance
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can be literally life-saving if a parent were to die unexpectedly.
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Parents, if you don't have life insurance or only have
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a small group policy through your job
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we cannot stress enough the importance for you
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to buy life insurance to protect against the what-ifs in life.
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The website GoFundMe is full of heartbreaking stories
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of families losing a parent unexpectedly.
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They're struggling to not only pay for a funeral
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but also keep a roof over their heads.
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Our goal here at Quotacy is to make buying life insurance easier
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so families can protect their loved ones.
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Parents, don't wait to buy life insurance.
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You never know what tomorrow will bring.
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We also want to talk about life insurance for children.
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Life insurance for children sounds a little creepy
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but it's actually a very beneficial way to plan ahead for their future.
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A child rider is an easy and inexpensive way
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to buy coverage for your children.
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A child rider is an add-on you can purchase with your life insurance policy
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that not only covers the life of your children,
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but it can be converted into a permanent policy later on in life
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without the child being required to show evidence of insurability.
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A child rider is very inexpensive.
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The average cost to add a child rider onto your policy is $50 annually.
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So less than $5 per month.
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$10,000 is the most common coverage amount
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and it covers all of your children under age of 18 with one rider.
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So, for example, if you have five children under age 18
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for less than $5 per month each of your children
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is covered with $10,000 worth of life insurance.
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No parent wants to think about the possibility
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of their children dying before them and chances are
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they will grow to live happy, healthy lives.
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But should that what-if happen, the insurance company
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will write you a $10,000 check so you won't have to worry
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about paying for a funeral.
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You can take time off of work to grieve without worrying
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too much about money.
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Thankfully only a small percentage of parents have to deal
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with this sort of tragedy but a child rider still comes in handy
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even if your child does not unexpectedly pass away
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because a child rider also guarantees their future insurability
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to buy life insurance.
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Right. So most child riders terminate coverage on the child
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when he or she turns 25, however, before the coverage terminates
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you or your adult child have the option to convert the child rider
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into a permanent life insurance policy without being underwritten.
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This is especially advantageous if the child developed any health issues
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or maybe had a bit of legal trouble.
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Normally health issues and legal problems would cause premiums
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to be really high for a new life insurance policy
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or the individual could even be declined
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depending on how severe the issues are.
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But when converting a child rider into a permanent policy,
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the life insurance companies do not do this kind of underwriting
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during the process.
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Most insurance companies require parents to fill out
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a health questionnaire about their children before approving
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child rider coverage, but one company Quotacy works with
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in particular, Principal Financial, does not require
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any underwriting when it comes to improving child rider coverage.
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So, parents, if you have a child with special needs,
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autism, or has been diagnosed with a serious medical condition
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we recommend that you consider applying for a
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Principal Financial life insurance policy
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and then adding that child rider.
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If you decide to apply for life insurance with us
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let your agent know you're interested in adding a child rider
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and they'll explain how much it will cost.
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But, again, don't let the cost be a factor in this decision.
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Child riders are really inexpensive to add on.
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Another way to buy life insurance on your child
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is with a whole life insurance policy.
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Like a child rider, when the child is an adult
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ownership of the whole life insurance policy
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can be transferred to them.
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However, unlike a child rider, the whole life insurance
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can accumulate cash value.
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A whole life insurance policy is a more expensive option
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than the child rider.
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If you're interested in life insurance coverage for your children
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contact Quotacy and one of our advisors can go over
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the options with you.
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Parents, if you're looking to get life insurance look no further.
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Here at Quotacy we work with multiple top rated
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life insurance companies to find you the best policy option
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to protect your family.
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Thanks for watching.
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Bye!
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Thanks for sticking around.
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hit that fancy little Subscribe button to see us every week.
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Bye!
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