Why You Should Buy a Life Insurance Policy for Your Kids 

As a parent, you’re likely well aware of the importance of life insurance. Having the right policy for yourself can ensure your spouse and children have access to financial assistance should something happen to you. Still, some people might not realize that parents and providers may also want to purchase coverage with their loved ones as the insureds rather than the beneficiaries.

At McCartan Insurance Group, our dedicated team is here to help you understand when and why taking out policies on your children may be advisable.

Purchasing Life Insurance for Others

Parents and primary income providers often purchase life insurance coverage for themselves to ensure surviving family members are provided for. However, this dynamic can also be reversed, as even though you may still have access to a reliable revenue stream in the absence of your children, the financial burden of such losses can make a devastating time even more difficult.

Under these arrangements, you, as the parent, would be listed as the beneficiary and able to submit a claim for financial assistance if your child, the insured, were to pass away.

How the Right Coverage Can Help

As a parent, the loss of a child is one of the worst things that can ever happen to you. This emotional turmoil can be compounded by financial strain that may be difficult to manage. Consider how life insurance policies with your children listed as insureds may provide critical assistance in the following scenarios:

• Life insurance can help pay for funeral expenses and outstanding medical bills after the death of a child.

• Your policy’s payout may also allow you to take time off work as you grieve.

• If you’ve cosigned student loans or other debts on behalf of your child, your coverage could help you manage these remaining obligations.

We’re Here to Help

At McCartan Insurance Group, we’re standing by to help you weather life’s most difficult storms. Contact us today to learn more about life insurance coverage for your loved ones or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.