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Saturday, July 26, 2014

Are child insurance plans worth buying? (QandA : 009)

Question : 009
Are child insurance plans worth buying?
New parents are often overdrawn towards life insurance towards their angel who has probably just arrived on this planet. But is their any merit in buying an insurance plan for a child?

Answer : 009
The purpose of buying life insurance should never be forgotten before taking a decision to buy the same. The main purpose of any life insurance policy is to cover the financial risk associated with the untimely demise of an earning family member. 

Buying a life insurance plan in the name of a child essentially means covering the financial risk on a child's life. In all probabilities, a child's life would not have any financial risk attached to it. So, there is no rationale behind buying a children life insurance policy. Child insurance plans typically come at a much higher cost (than term insurance policies) because of the waiver feature. This waiver feature mandates the insuring company to keep the policy running by putting in premiums in the incident of demise of the child's parents.

As an alternative, it is rather more advisable to have the parent adequately insured to ensure financially secure future for the child. This is best done by buying a sufficient term cover for the earning parent.

Save money by investing at the right place and covering only the risks that are needed to be covered. Money saved is money earned.

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Manoj Arora
Freedom can buy you....what money cannot !!


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  2. Thank you for sharing such great information. It is informative, can you help me in finding out more detail on Child Insurance Plans, i am interested and would like to know more about this field and wanted to understand the basics of Child Plans