Life insurance is often thought of as a means for covering costly funeral expenses in the event of a loved one’s untimely death. While this is certainly one benefit that accompanies the investment of purchasing life insurance, there are many other benefits of holding a life insurance policy that you, or your child, can take advantage of while living. Life insurance for children with diabetes is something that is highly overlooked.
Coverage Despite an Uncertain Future
Even a healthy child is at risk for developing a chronic illness – there is no way know whether your child’s health will remain the same or decline as they progress through life. For a child who has already been diagnosed with a health condition like diabetes, the potential risk for developing further health complications as a result of the original diagnosis is amplified. By purchasing a life insurance policy for your child while they are young and primarily healthy, you are guaranteeing that they will be able to sustain coverage regardless of their health declining later in life.
Parents, grandparents and/or legal guardians can all purchase a life insurance policy on a child.
Most companies offer whole life policies for kids that can be transferred into their name after they become adults, and as long as they continue to pay the premium, they remain insured indefinitely.
Diabetes Life Solutions has access to companies who understand the risks of juveniles with type 1 diabetes, and have worked with specific insurance companies who may offer coverage.
Some policies are Non Medical Exam and are approved within 48 hours. Other types, usually larger amounts of coverage AND over the age of 16, may require a blood/urine test and review of medical records
Life Insurance is an Investment
If someone told you that paying a small monthly installment would provide financial security for your child, providing them emergency funding should they ever need it, would you commit? Life insurance is much more affordable than most people think. Your premium amount is calculated depending on the age of your child when you open the policy, and it is typically very affordable for most families to secure a large amount of coverage. As the policy matures, it accumulates cash value – which can then be borrowed from in a pinch to pay for college and other living expenses.
Life insurance policies can be withdrawn for buying a new car, college tuition, weddings, and other loans.
Your Rate Will Never Increase – No Matter What
When you purchase life insurance for your child, the rate will “lock-in”; meaning that it will never increase for as long as your child’s policy remains open and the premium is paid. It is important to shop around for the best quotes to secure the lowest rates. When your child matures into adulthood and you present the policy to them, they will be able to afford to maintain the protection that is so vital to a financially green young adult.
Financial Support if a Loss Occurs
While most people aren’t comfortable discussing the possibility that their child may pass before them, it is important to have a financial plan in place to ensure that you will be able to take the necessary time off to adjust should your child pass unexpectedly. While discussing the potential death of a child is unsettling, it would be much worse for such a terrible loss to occur and not be prepared. A life insurance policy can provide enough to cover living expenses for an appropriate amount of time should you need it to.
Types of Coverage
For diabetics, whole life insurance may be a costlier option. If you cannot afford a whole life insurance policy, considering a policy that doesn’t require a medical exam can be beneficial.
Whole Life Insurance available from ages 1-25.
Guaranteed Universal Life Insurance available for ages 16-25
Term Life Insurance available for ages 18-25
To get your free life insurance quote for a child with diabetes, please fill out the form or give us a call at 888-629-3064.