Reasons to Buy Life Insurance for Children
Ever realize that buying life insurance is good stewardship?
If you’re married or have a family, you know the importance of buying life insurance, but most of us don’t think about buying life insurance for our children. I didn’t, until reading and thinking about the subject. Not everyone needs it, but you should be informed. This insurance protects you from the financial cost of 3 different scenarios.
First is the cost for a funeral and burial. Second is the impact of lost income. The death of a child creates emotional strain on your ability to work. Third is debt. In today’s world, many young people are taking on debt. Without credit history, they turn to parents or grandparents to cosign for them, and in the event of death, co-signers must cover the remaining payments. People ignore the Bible’s warning against cosigning because they want to help their children. They co-sign for apartments, cars, or student loans without considering the risk of death before the financial obligation is fulfilled, but death is part of life. We trust the Lord with our children while remembering that He’s numbered their days. He owns the world and everything in it – including our children.
An emergency fund and savings can help with the financial hardship of losing a child. Hopefully, your family and church would also render aid. Look at it this way: a life insurance policy on your children gives you some extra protection. Check out term-life policies or a “child rider” on a term-life policy for yourself. We’re to manage our households. As 1st Corinthians 4:2 says, “Moreover, it is required of stewards that they be found faithful.”
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