Is Child Life Insurance Policy worth buying?
Sellers of these policies usually give the following reasons:- The child can keep it in adulthood with low premiums
- Later on, if a medical condition develops, the premium stays the same.
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If a tragedy happens, the policy can cover the cost of the funeral and other things.
People who buy these policies either believe in these benefits or are just going with the flow and do what others are doing, or they do not care and have no time to research the pros and cons.
People who are against buying a child life insurance policy have their reasons. Some of which are the following:
A. The value of the policy can never replace the pain of child loss. It feels unethical to get money after the child's death.
B. Parents usually save money for their children and do not plan to get money from them in any way.
C. Before planning a child, the parents usually figure out the means to raise him.
D. If an equivalent amount of money is kept in other types of accounts, then it can be used for illnesses and other expenses too.
E. Instead of paying premiums, it is better to invest this money in the market to get a higher rate of return.
Bharti Raizada