The end of the year is fast approaching and so is the holiday season. Give a gift of life insurance to a loved one this holiday season. Life insurance is a gift that will provide your kids or grandchildren with a financial security blanket so you know they will always be protected.
As long as the premiums are paid, life insurance will be able to protect your loved ones for the rest of their lives. If you are buying it for a teenager or young adult, as the policy grows, it can be accessed via policy loans to pay for things like higher education. In addition, if there is not a need for the full death benefit, it can be used to supplement their own retirement years in the future.
Giving a life insurance policy to your child or grandchild will protect their future insurability. Coverage for the policy cannot be cancelled unless premium payments stop. This means you will never have to worry about the policy expiring.
If you are purchasing a policy for a child or grandchild under the age of 18, the policy is owned by you until the child turns 18. The beneficiary purchasing the policy is typically a parent or grandparent. However, if you are purchasing a policy for an adult, they choose the beneficiaries.
Typically, life insurance payments can be paid in one lump sum or in scheduled payments. An agent here at Community Insurance will be able to help you find out what type of life insurance policy is best for your situation. To get started please give us a call at 1-800-264-6419.
Also, remember to check back here every week for the newest edition of Life Insurance Thursday.