Can I buy a policy for my niece and nephew when they’re babies?

While it can be fun to buy new baby gifts, it is even better be able to give a gift which will be meaningful and significant for the rest of the baby’s life. Many people ask whether they should purchase an insurance policy for young relatives.

The Earlier, the Better 

When you buy an insurance policy for a very young person, the policy itself costs very little. There won’t be a need for a physical exam, and the price will be locked in for the life of the policy. 

Once they’re old enough, they can choose what they want to do with the policy based on their plans and what kind of policy it is.

Get Permission

You will need to meet a few requirements to buy a life insurance policy for your young relatives. First, you need to prove you have an insurable interest, which basically means you need to prove you’re really related to them.

Second, if you are buying a life insurance policy for someone else in Brecksville, OH, you will need to get permission. If you have any questions about the requirements, you can ask any agent at Ganley Family Insurance. 

Insurance Can Be an Investment 

Whether you get a term life insurance policy or a whole life insurance policy, you will be making an important investment for your loved one if you purchase the policy early. Even a policy which only pays death benefits will get more expensive over time. A policy which can eventually pay out cash can help at an important time as a down payment or for a necessary purchase. 

If you live in Brecksville, OH, don’t wait to make this important decision. Call Ganley Family Insurance today to find the policy you’re looking for.