I have been trying to convince my wife to purchase our children’s life insurance for a year now after the death of our middle child. But every time I bring the topic, she would avoid the issue and says she is uncomfortable of the idea. How can I persuade her of getting our children’s life insurance?
Lyndon
Corpus Christi Texas
Hi Lyndon. I’m sorry to hear about your loss. Just like your wife, not many people consider getting children’s life insurance because they think it’s a sensitive issue, may cause misfortune or just improper. But in reality, accidents or illness do happen and children also experience untimely death. You may try to convince your wife in buying your children’s life insurance by explaining the reasons why it’s going to be a wise move.
First of all, life insurance premiums are much cheaper for children. You can maintain the policy with the same low premiums after they mature. If you’ll buy whole life insurance for your children, the policy will gain cash value over time. They will gain savings in the future. Your children’s life insurance coverage is guaranteed for the long-term. By insuring your children now, allows them to remain insured even for future illness. Another reason is that a life insurance policy can be utilized to provide supplementary retirement income for your children.
On a sensitive yet practical note, if a tragedy happens, having your children’s life insurance would cover for funeral costs and some policy would also allow you to take time off from work and mourn. If your child passed away due to a severe illness, insuring your children protects your family from enormous medical bills.
There are different kinds of policies and plans that are available. Try to look at all the choices and choose what makes the most sense for your family and what would best suit your situation and finances.