Does Purchasing Life Insurance for a Child Help Them Get Life Insurance as an Adult?

Here at Ganley Family Insurance, serving the greater Brecksville, OH area, one of the questions that we are frequently asked is whether purchasing life insurance for a child can help them get life insurance as an adult. Here is some information you may want to know if you have this question. 

Helps If They End Up With a Health Condition

As an adult, it can be challenging to get life insurance if you have certain health conditions. This can include anything from diabetes to cancer to auto immune system disorders. If you have a condition and are looking to take out a life insurance policy, these are pre-existing conditions. An insurer can decline a policy because of them or can ask for high premium amounts. If your child is currently young and healthy, taking out a life insurance policy is beneficial as any conditions that arise now would not be pre-existing. They can keep the policy, regardless of conditions that arise. 

Helps to Keep Premiums Lower

The other benefit to getting a life insurance policy for a child is that it helps to keep premiums lower. This is true if a health conditions arises, but also true even if no conditions arise. Life insurance costs increase due to inflation. Locking in a low rate for your child when they are young can help ensure that they can afford the coverage when they reach adulthood. 

If you are looking to purchase life insurance for a child or for an adult in the greater Brecksville, OH area, turn to Ganley Family Insurance. We can help find the right life insurance policy for you needs. Call us now to obtain a free quote for life insurance.