First off, am mentioned, this can be an uncomfortable topic for some, as it infers a child’s death. Although it’s a very tough thing to even think about, it does happen, and can cause a tremendous financial hardship to a family. Of course we recognize the emotional devastation of losing a child.
I come from a large family and have seen firsthand the devastating effects of losing a child. The life changing emotional loss is one of the saddest things I had to witness for my brother and his family. The setbacks it can create both in your personal life and financial life are too many to list here. I’m sure every parent in the universe would believe they should never have to bury their own child. While I agree completely, reality tells us a lot of parents have to deal with the opposite every day.
Here are the three most common objections we hear from parents:
I’m not looking to get rich off my child’s death.
I feel like it’s bad karma to insure my kid’s life.
My child produces no income. What’s the point?
Let’s discuss each point.
I’M NOT LOOKING TO GET RICH OFF MY CHILD’S DEATH.
Nobody thinks you’re buying life insurance to become rich. It’s obvious you aren’t. It’s called insurance because it’s “just in case” a terrible event happens, not because you’re looking to make money. This would be like saying you would refuse to buy homeowner’s insurance because you’re not looking to get rich off your house if it burns to the ground. If your child predeceases you, there are expenses involved, and the life insurance is to pay for these expenses so you don’t have to worry about the bill while you grieve. It really is as basic as that. Funeral expenses can run over $10,000. That is a lot of cash that many of us do not have lying around.
I FEEL LIKE IT’S BAD KARMA TO INSURE MY KID’S LIFE.
This one is the most illogical of the bunch. Simply owning insurance does not increase the chances of your child’s death. Life insurance is to protect you from financial burden, nothing else. If your child was learning to ride a bike, and you denied them a helmet because you thought it was bad karma they would fall, are you doing anyone a service or disservice if they get hurt? Superstitions will not help you pay the numerous bills in the untimely passing of your child.
MY CHILD PRODUCES NO INCOME. WHAT’S THE POINT?
This is a well thought out response. If life insurance is to pay debts or replace income, and a child has neither, why do you need life insurance? Well, as we mentioned, there are still some large expenses if a child dies. A funeral, a casket, possible medical bills, travel, and other things, too. The best life insurance for a child is a policy which covers these expenses. You will agree, the financial side of death is not where your focus ought to be if something were to happen to your child.