Does Your Child Need Life Insurance Now?
Does it make economic sense to buy life insurance for your children or grandchildren? As with most financial planning questions the answer is — it depends. If you want to provide a permanent form of life insurance to protect your child’s future family, then you could probably buy a whole life policy at an early age. Indystar.com reports:
Many parents set aside funds to help their children with the expenses of college or starting a household. Life insurance policies have become a popular method of funding these goals because of the tax-deferred growth of cash accumulation values of the policy.
Read more: Should I buy whole life insurance for my kids for when they are grown?
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