Newborn life insurance in the United States can be an important financial decision for parents. Financial advisors say the policy provides security and future protection for younger family members in case of unforeseen circumstances.
No one is insured against serious illnesses, and the policy can cover expensive treatment. In most cases, parents can add a newborn to their insurance plan. This is the most convenient and cost-effective solution. Some parents also consider purchasing a separate insurance policy for their children. These are usually endowment or investment life insurance policies.
Newborn insurance policies usually have a specific coverage period, such as 10, 20 or 30 years. After this period, insurance can be renewed or extended.
The cost of newborn insurance can vary depending on different factors, including insurance amount, child’s age and parents’ health. For example, a 30-year-old non-smoking father in Florida can buy a 20-year life insurance policy for his son for amount of $100,000 for about $9 a month.
It is important to remember that newborn life insurance can provide financial security for your family in case of unexpected events. However, each family should consider their individual circumstances and needs when deciding whether to insure their newborn.
Source: https://www.investopedia.com/articles/fa-profession/090816/life-insurance-newborn-baby.asp
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