No parent likes to think of outliving their child, but it's a tragedy that happens, leaving families in shock and often ill-prepared. The question of whether or not to purchase a life insurance policy for your children has been debated for years. Provided that your own life insurance needs have been met, there are some sound arguments for why this might make sense. Here are just four reasons that you may want to consider a life insurance policy for your kids.
Money for Funeral Expenses
When a minor child dies, it's emotionally devastating but not always financially so. Most children aren't bringing monthly income into the home that needs to be replaced. If you're worried about covering funeral costs, the best life insurance choice may be a rider on your current policy that allows you to add $10,000 or $20,000 for a family member, including children.