We tend to associate life insurance purchases with adults because they tend to have individuals that financially rely on them. We stress the importance of all individuals purchasing life insurance, especially when they are financially responsible for others. As a parent, you have strategically planned out the finances that are necessary in order to support your child. You have included various expenses ranging from health care and tuition to food and clothing. If you have planned far ahead, you have updated your life insurance coverage so that in the case of your death, your child will be taken care of financially. What we tend to not plan ahead for is the opposite: the death of a child. This somewhat morbid topic is difficult to discuss but it is extremely important for several reasons.
As we grow older, we tend to get more serious about evaluating the coverage our family will need in order to cover the cost of our own funeral. Being faced with death is extremely difficult and it is life-changing. Losing a loved one is emotionally exhausting and on top of the grieving process there is a process of planning the funeral that requires emotional and financial attention. If the person who died had life insurance, then it is quite possible that his or her policy will cover the cost of the funeral. However, when a child passes away, it is highly unlikely they have a life insurance policy that will cover cost of his or her funeral.
When we think about children, the last thing that comes to mind is the chance of their death. In fact, their vibrant personalities and strong curiosity to the world often reminds us of just how precious life truly is. In the unfortunate and tragic circumstance that your child is taken from you by death, you will be faced with funeral costs. The cost of a funeral in the U.S. typically exceeds $8,000. Chances are high that you haven’t planned for this expenditure and this topic makes you uneasy but you know that planning ahead, no matter what for, gives you a peace of mind. The last thing you want to imagine is losing your child at a young age, but if you did, you would not want to worry about the costs to honor them as they deserve.
SelectQuote can help you find a policy for your child, ranging from $5,000 to $30,000. Our agents work for you and are ready to help you make this important and responsible decision. Call us at (800) 691-5006 and work with America’s number one Term Life sales agency.