Children’s Life Insurance: Do You Really Need It?


It’s definitely not something that any parent wants to think about, and children’s life insurance is often a touchy subject with financial gurus and parents alike. However, many parents have the same question when it comes to children’s life insurance – “do you really need it?”

Unfortunately, the answer to that question isn’t so simple. For many, it boils down to a matter of personal preference. Some parents simply want to cover their bases in the event of the unthinkable. Others believe that it’s nothing more than a waste of money.

There are a few advantages of buying children’s life insurance, though. Whole life insurance plans, like Gerber’s Whole Life Grow-up Plan, accrue cash value. This means that after a few years, policy holders can withdraw money in the event of an emergency. Children can also choose to cash in their whole life insurance policies when they get older to use for things like tuition or a down payment on a first home.

Parents may also want to consider children’s life insurance if their child has a chronic health problem that will persist into adulthood. Buying life insurance at a young age could be the only way that individuals with chronic health problems can get affordable coverage when they get older. For example, premiums for Gerber Whole Life insurance are low and are guaranteed to never increase as a person gets older. So, do you really need children’s life insurance? Well, it’s a personal choice that every parent and grandparent needs to make on their own, based on their individual wants and needs.