Why would I plan for the event of my child’s death, that’s morbid? I hear that a lot, plus many other objections to life or critical illness insurance on a child but the idea isn’t to plan for your child’s death. The idea is to plan for your child’s future. The chance of your child passing away is very slim, but god forbid, it happen, at the very least you wouldn’t be struggling financially to pay for the final expenses.

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Cornwall - February 14, 2012 - Why would I plan for the event of my child’s death, that’s morbid? I hear that a lot, plus many other objections to life or critical illness insurance on a child but the idea isn’t to plan for your child’s death. The idea is to plan for your child’s future. The chance of your child passing away is very slim, but god forbid, it happen, at the very least you wouldn’t be struggling financially to pay for the final expenses.

The reasons why to purchase life insurance on your child, other than the worst case scenarios:

The cost to purchase insurance on a child is pennies per day and it will often convert into a policy without medical evidence into their adulthood. Having to provide no medical evidence for insurance could be significant, if for example your child is diagnosed with an illness that renders them uninsurable. Also, many policies have cash value included in them, so you may cancel the policy at maturity and have a down payment for a home, or for schooling or simply a savings vehicle that will continue to grow into their future for their family. On top of it many children’s critical illness policies have 100% of the premiums paid back to you if a claim is never made, don’t you wish your house insurance has that bonus?

The idea is to do it now so you have options later because without purchasing the insurance now the options are going to be limited later and the cost will be significantly more. How many times have you said ‘I wish I would have done that then?’ because I hear it, a lot. Hindsight is always 20-20 but in this case for your child when the cost is pennies there shouldn’t be any objections!