Hey everyone we’re Jeanna and Natasha from Quotacy. Today we want to talk about life insurance for parents and children. Not everyone needs life insurance but parents need it the most. Especially if your children are still young and completely dependent on you. Term life insurance is affordable and designed to last a set period of time. The best time to buy a term life insurance policy to protect your family is during their most vulnerable years. When we say most vulnerable years, we mean when your death would have the greatest impact on your loved ones’ standard of living. This is often when you’re paying the mortgage, day care, keeping your kids dressed and their tummies full, saving for their college, and paying off car payments all at once. It’s these years of your life when your family is in their most vulnerable years and when term life insurance can be literally life-saving if a parent were to die unexpectedly. Parents, if you don’t have life insurance or only have a small group policy through your job we cannot stress enough the importance for you to buy life insurance to protect against the what-ifs in life. The website GoFundMe is full of heartbreaking stories of families losing a parent unexpectedly. They’re struggling to not only pay for a funeral but also keep a roof over their heads. Our goal here at Quotacy is to make buying life insurance easier so families can protect their loved ones. Parents, don’t wait to buy life insurance. You never know what tomorrow will bring. We also want to talk about life insurance for children. Life insurance for children sounds a little creepy but it’s actually a very beneficial way to plan ahead for their future. A child rider is an easy and inexpensive way to buy coverage for your children. A child rider is an add-on you can purchase with your life insurance policy that not only covers the life of your children, but it can be converted into a permanent policy later on in life without the child being required to show evidence of insurability. A child rider is very inexpensive. The average cost to add a child rider onto your policy is $50 annually. So less than $5 per month. $10,000 is the most common coverage amount and it covers all of your children under age of 18 with one rider. So, for example, if you have five children under age 18 for less than $5 per month each of your children is covered with $10,000 worth of life insurance. No parent wants to think about the possibility of their children dying before them and chances are they will grow to live happy, healthy lives. But should that what-if happen, the insurance company will write you a $10,000 check so you won’t have to worry about paying for a funeral. You can take time off of work to grieve without worrying too much about money. Thankfully only a small percentage of parents have to deal with this sort of tragedy but a child rider still comes in handy even if your child does not unexpectedly pass away because a child rider also guarantees their future insurability to buy life insurance. Right. So most child riders terminate coverage on the child when he or she turns 25, however, before the coverage terminates you or your adult child have the option to convert the child rider into a permanent life insurance policy without being underwritten. This is especially advantageous if the child developed any health issues or maybe had a bit of legal trouble. Normally health issues and legal problems would cause premiums to be really high for a new life insurance policy or the individual could even be declined depending on how severe the issues are. But when converting a child rider into a permanent policy, the life insurance companies do not do this kind of underwriting during the process. Most insurance companies require parents to fill out a health questionnaire about their children before approving child rider coverage, but one company Quotacy works with in particular, Principal Financial, does not require any underwriting when it comes to improving child rider coverage. So, parents, if you have a child with special needs, autism, or has been diagnosed with a serious medical condition we recommend that you consider applying for a Principal Financial life insurance policy and then adding that child rider. If you decide to apply for life insurance with us let your agent know you’re interested in adding a child rider and they’ll explain how much it will cost. But, again, don’t let the cost be a factor in this decision. Child riders are really inexpensive to add on. Another way to buy life insurance on your child is with a whole life insurance policy. Like a child rider, when the child is an adult ownership of the whole life insurance policy can be transferred to them. However, unlike a child rider, the whole life insurance can accumulate cash value. A whole life insurance policy is a more expensive option than the child rider. If you’re interested in life insurance coverage for your children contact Quotacy and one of our advisors can go over the options with you. Parents, if you’re looking to get life insurance look no further. Here at Quotacy we work with multiple top rated life insurance companies to find you the best policy option to protect your family. Thanks for watching. Bye! Thanks for sticking around. We’d appreciate it if you Liked the video and hit that fancy little Subscribe button to see us every week. Bye!