Last Updated on January 13, 2020 by Matt Schmidt
Life insurance can be uncomfortable to talk about for yourself and family members but when discussing for children it is especially unsettling. The easiest way to think about life insurance for your child is to consider it an investment for them in the future, since they would be locked into their rates as long as the premium is paid. When discussing life insurance for a child with diabetes, be sure that before you apply that your child’s diabetes is well managed. That will be the best way to ensure that you are able to get the coverage you need at the price that is most reasonable.
There are many reasons to buy life insurance for your child and here are a few.
Premiums may be lower, the younger your child is.
Even when diabetes is a factor, premiums may be lower*. As long as your child is living a healthy lifestyle and the diabetes is well managed, the rates will be lower than waiting for later in life. You would be locked into that rate for as long as they live and as long as the premium is met.
Time and resources to grieve.
If tragedy occurs and your child passes before you, then you will need time to grieve. Without life insurance, parents often need to go back to work right away to afford funeral expenses, medical bills and their normal living expense. Life insurance will allow you, as parents to have time to properly grieve with the added stress of financial issues.
Living benefits and cash value.
Once your child is older and the insurance accumulates cash value, your child can then borrow from that to help with added expenses. Such as college expense, wedding, cars, or other medical or financial emergencies.
They will always be insured.
As long as the premium is met, regardless of any future unforeseen illnesses, they will be covered. A child with diabetes who otherwise is healthy can then have coverage as they age and if any disease or illness is later diagnosed. Age or disease will not affect their premium or coverage.
Piece of mind for you as a parent and for the child.
It is there if you need it, the most important reason for life insurance. It is not easy to plan for the unthinkable and unimaginable event such as a child passing but it is peace of mind to have insurance for such a tragedy.
Life insurance isn’t something that should not be overlooked for a child. There are many benefits to buying life insurance and it is certainly attainable for children with diabetes. Be sure to have your child following doctor’s orders and be able to show that the diabetes is well managed.
They will ask multiple questions regarding your child’s health and A1C levels. It is best to work with a company that can work with you to find the right insurance for the needs of your family.