When we think of life insurance, we often think primarily of adults and older people. You might be wondering if your children even need life insurance policies. Here at Rickey McGill Insurance Agency, serving Arlington, TX, we want to help you and your family make wise insurance choices. Keep reading to learn more about children and insurance policies.
Do Children Need Insurance Policies?
As uncomfortable as it might be, the truth is your children need to have insurance policies active. An insurance policy is a smart financial move to ensure you have the proper resources should a tragedy hit your family. If you ever faced the tragedy of losing a child, the last thing you would need or want to consider would be how to pay final expenses. A life insurance policy removes this burden from you and your family.
How Much Insurance Does a Child Need?
The answer to this question will vary from family to family. No set amount is suitable for everyone. Sitting down with an insurance representative to get the best information would be best. This professional will be able to discuss your family dynamics and help you decide how much life insurance might be right for your children’s policies.
Will I Be The Beneficiary?
Yes, parents are often the beneficiaries of their children’s life insurance policies. However, it would be best to keep in mind that you need to have a living will in place that also names the beneficiary should you pass first. This is a crucial way to protect your children.
If you want to learn more about life insurance, please get in touch with us at Rickey McGill Insurance Agency, serving Arlington, TX, and the surrounding areas.