MA Life Insurance for Your Children

You have probably never thought about getting MA life insurance for your children. In fact, you may find the thought a bit morbid and unnecessary. However, as your kids grow into young adults, there are many practical reasons to purchase life insurance for your children.

Young Adults Accumulate Debt

mini graduation cap on US money -- education costs

mini graduation cap on US money — education costs

As your children enter college, they have probably received some amount of student loans. As they continue their education, this amount grows. Unlike other types of debt, student loans are not forgiven upon death. In fact, parents are required to sign promissory notes for those student loans, leaving you liable for the balance. Given that most student loans extend for 20-30 years, this obligation remains far into your child’s adult life. Life insurance can reduce the burden of that debt should your children pass away before the loans are paid off.

Funeral Expenses Are High

No matter at what age death may occur, it often creates a hardship for living heirs. Life insurance can help cover the cost of funeral and other related expenses. It offers financial assistance at a time where you may need it most.

Affordability of MA Life Insurance for Your Children

MA life insurance for your children would be more affordable than what is charged later in their adult life. Insurance rates are based on several factors such as age and health. Risk factors are low at a young age, making insurance plans inexpensive.

Purchasing a 30 year term life insurance policy is often the least expensive option. Doing so now would lock in the low rate for the term of the policy and cover your children into adulthood. As with any life insurance policy, it’s difficult to even think about you or someone in your family passing away. The emotional impact of a death is often intensified by the accompanying financial difficulty. Purchasing a life insurance policy can at least eliminate that extra burden.