Is Juvenile Life Insurance Necessary?

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In light of the recent school shootings such as the one at Sandy Hook Elementary, people have contacted Set for Life inquiring about juvenile life insurance. Is it something to consider?

According to Jamie Fleischner, President of Set for Life Insurance, “The school shootings should not necessarily change the purpose of juvenile life insurance. The main reason people consider purchasing juvenile life insurance is not to protect their children in event of an untimely death. Instead, it should be considered to protect insurability.”

Life insurance is necessary if someone is dependent on your income or inheritance. As such, children do not typically create an economic benefit to the parents so the life insurance is not a necessity.

Juvenile life insurance is typically purchased on a young child when they are young and healthy to pre approve them to be able to purchase more life insurance in the future if they have had an adverse change in health.

“I had some new parents come in to purchase a life insurance on their newborn, Sean Charles, and purchased as many future increase options as possible,” said Fleischner. “They called me again when Sean was seven and was diagnosed with Type 1 diabetes. I assured them he had over $1mil of future increase options that he was eligible to purchase when he was 18, 21, 23, 25 and at the birth of his first child and at marriage. It was a huge sigh of relief.”

Many people take for granted that they will be able to purchase life insurance in the future when they will need to purchase it. However, the cost is based on your health and age at the time of purchase. Unfortunately, a lot of diseases and diagnosis can impede the ability to purchase life insurance in the future or at favorable rates.

For more information about juvenile life insurance and the benefits, contact Set for Life Insurance today!

The names and identifying details of the clients in the article have been changed to protect anonymity.

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