Insurance professional Aimee O’Brien advises consumers of the many different types of life insurance products that can fit a variety of budgets, including products for younger people who are considering a term life policy. O’Brien says unmarried people may want to consider a policy that provides investment income in the longer term. She adds that a life insurance policy could spare someone’s relatives from having to pay their funeral costs upon death. She suggests that for similar reasons, people also consider a policy for their children.
If your children have a minor current medical condition – or there’s a strong history of family illness such as diabetes, cancer or heart disease – it may make it difficult to get insurance in later years.
It really comes down to your own personal financial status and how affordable it would be to insure your children. If your income is adequate, it may be in the best interests of you and your family to look into life insurance.
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