help create a corpus for crucial stages in the child’s life
With education costs skyrocketing and uncertainties becoming a part of life, investing in child insurance is the best thing you can do for your child today. A child Policy can offer all round protection for your child, from medical bills to school fees. There are a variety of child insurance policies available, including life insurance and endowment plans. One can also find unique child policies focused on benefits around education, career and marriage. But with such a large variety of child policies in the market, it becomes crucial to compare child plans. As you compare child plans, let us give you a comprehensive idea of the when to buy and when not to buy child insurance.
When it comes to life insurance, the main purpose it to supplement the insured’s salary in case of death. But as your child is not the main bread-earner, buying child insurance would be a waste. It makes sense to do so only if there is a history of health issues in the family, such as diabetes or heart disease. It would make sense to buy child insurance as the child may have trouble getting Insured later in life.
A child plan may not be the best way to save up for college. There are many other investment plans available which can offer better benefits than a child policy. If you plan to invest in your child’s future, such a child policy will go on for years, usually till the child turns 18. Be sure you can sustain the child insurance for so long.
It would be very unwise to buy a child insurance plan for your kids if you are not adequately covered. After all, it is the parents who earn money for the entire family to survive. It is more important to ensure that this source of income is taken care of before investing in a child policy.
Keeping your child insured is not child’s play. It is important to compare child plans to have a good grasp of the different child policies in the market.
Compare child plans on the basis of benefits offered, Repudiation rates, and overall costs of the child policy. It is also wise to look at the reputation and service quality of the company offering child insurance.
It is important to compare child plans to see which one offers a Premium waiver. Such child insurance will offer Waiver of premium in case the parent dies. In this case, the insurance company will finance the plan till maturity. Hence, your child stays protected, as long as you ensure you compare child plans thoroughly.
It is also wise to compare child plans on the death benefits offered. Make sure that the child policy offers an amount which is appropriate and substantial for your family.
Compare child plans especially over the rates at which they are offered. When your child gets older, the rates are sure to have shot up.
Thus, it is crucial to compare child plans to find the best solutions for your kid. A child policy is sure to protect your child for all future needs. But is necessary to look at your present finances, affordability, current investments as well as future benefits before choosing the right child plan.Compare child plans offered across the market and you are sure to find the most ideal cover for your children.