William Penn Life, 2013 (48. évfolyam, 1-12. szám)
2013-03-01 / 3. szám
Moneywise with Jeff DeSantes Life insurance for your children MOST PARENTS WONDER if they should buy life insurance for their children. Every parent plans to outlive their children, but if the unthinkable should happen, life insurance coverage for your children would bring you some peace of mind during a difficult time. With a life insurance policy in place, you would be able to cover the expenses of a funeral. Because you will be buying life insurance for a child, you won't need to purchase a million dollar policy. Anywhere from $10,000 to $20,000 is a good starting point for a child's life insurance policy. With such low amounts of coverage, the costs are relatively inexpensive. When trying to decide exactly what type of coverage to purchase for your children, make sure that your insurance agent explains to you how your child can continue the coverage when he or she becomes an adult. For example, William Penn Association offers a special Juvenile Term to Age 25 plan that provides $20,000 of insurance for your child for only $25 a year or a low, one-time premium. Under this special plan, your child is not only covered until age 25 but also earns credit towards purchasing an adult life insurance plan when he or she reaches age 25. Another option would be to purchase whole life insurance policies for your children now. With this type of policy, your children will have coverage from now through adulthood, regardless of their health, as long as you (or they) continue to pay the premiums. It is advantageous to purchase whole life (or permanent) insurance when your children are t young because I there are a num- I ber of factors that I can affect your I children's future I insurability. High [ blood pressure, di- i abetes and heart is- I sues are just a few of the many health complications that can prevent your child from being insured down the road. With a policy that guarantees that your child will always be insured, they will have coverage regardless of their health as an adult. Make sure that you choose the right policy type. For children of any age, insurance plans make the perfect gift. For a newborn child, these plans offer a lifetime of protection; for a recent graduate, they can be the start of financial security. To learn more about how the various life insurance plans can benefit the children you love, contact your local William Penn Association representative or call our Home Office toll-free at: 1-800-848-7366 ext. 120. □ If you do not have a WPA agent, please call the Home Office at I -800-848-7366, ext. 120, and we can assist you in finding an agent who will sewe you and your family by offering: • A Review of Your Needs • Life Insurance Protection • Tax-Deferred Annuities • • Juvenile Insurance Plans • Special Fraternal Benefits • Photo: © Monkey Business Images/Dreamstüne.Com 4 0 March 2013 0 William Penn Life
