Getting a life insurance policy at a young age is a great way to make sure that you will be protected throughout your life. Whether you choose a term life or permanent policy, either can be purchase for children and young adults at an affordable rate. Many parents have a hard time purchasing such policies for their children, but here are a few reasons why you should consider this purchase.
Burial Expenses
Burial expenses can be a huge burden on an already grieving family. By purchasing life insurance, you can take the worry of burial expenses off of the table and be able to grieve properly. The expenses associated with burials are quite substantial and can cause severe financial stress on any family. Studies have shown the cost of burials is around $10,000, which can be covered with a life insurance policy so that you do not have to put yourself in debt to pay for such expenses.
Student Loan Debt
Experiencing the loss of a child is never easy, but this can be complicated if the child has a massive amount of student loan debt that is passed on to you in the event of their death. By seeking the advice of Insurance Companies in Portland, OR, you will be able to see what kind of term life policy best fits your particular set of circumstances. Generally, a good term life policy will cover such debts as student loans in the event of the child passing. Before you send your child off to college, you need to sit down and have a talk about a term life policy to protect them and you from unforeseen circumstances in the future. Many times the huge burden caused by huge loan debt is enough to suck up your retirement fund or even worse, bankrupt you.
Health Issues
Once a person develops a serious health condition, it is expensive and sometimes impossible to get a term life insurance policy. Many parents choose to purchase such policies when a child is younger, so they will be covered later in life when health conditions are more prevalent. Many families that have a genetic predisposition to certain diseases will purchase these types policies to protect their children later in life. Be sure to check with Insurance Companies in Portland, OR, to customize your policy.
