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What's the best age to take out life insurance for my child?
Share Actually I have a son of age 3 years and I am looking for life insurance for my child but i am confused about age factor, i search on google and check this site Life Insurance For Children but i need an authentic answer regarding this point, anyone can help me plz.
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Dear Usama
Why do you need insurance on child ? You need insurance on your life to protect financial future of your child in case of your death .
There are children endowment product which ensures goal based money in case of your death .
You can also buy insurance on child with Payor rider where premiums are waived off in case of death of Payor. I recommend whole life insurance on child with Payor rider till age 18 . Through such planning , you develop a good habit in child and offer insurance specially in families having probability of genetic diseases or diseases like obesity.
Hope this clarifies
Shailesh
Insurance Samadhan
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Dear usama mughal
Ideally Life insurance is considered for earning members for their loved one and dependent only to take care of them financially in absence of earning member. It should not be considered as investment like any other asset class. however Insurance product are sold as children education plan and marriage plan is to be avoided and other option available for these purposes may be discussed as per your individual plan with your advsior .