However, most funeral homes will offer services at cost for parents dealing with the sudden passing of a child, which can lower the cost to below $1,000. But what about funeral costs?Īll in, funeral costs average $4,500 to $8,000 for a child. Alternatively, your child doesn’t have an income to replace and probably hasn’t racked up much student loan debt. That is why parents should have life insurance to replace their income, cover any childcare expenses, and pay down debts. An asset is any source of financial value for your family. But your child really doesn’t need the insurance part of whole life insurance, and it isn’t just about mortality rates.Īs cold as it might sound, from a financial perspective, your child is a liability, not an asset, and we should only insure assets. For most families, life insurance is a necessity to protect your spouse and kids if the worst happens. I’m a huge proponent of life insurance for parents. 1 – Your child doesn’t need life insurance Here’s my step-by-step of why you probably want to avoid the leap when it comes to whole life insurance. They jump at the chance to cheaply save for their child’s future. Parents imagine their kids borrowing from their plans for college, their first home, or any other major expense they might need. The third point is the bring ‘em home top seller benefit for Gerber and other whole life insurance policies for kids. ![]()
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