7 Ways to Build a Legacy for a Child
February 9, 2024
FEBRUARY is Insure Your Love Month!
At 1891 Financial Life, we are dedicated to helping you make a difference in your family’s life and your community. The decision to gift life insurance is an investment in a future where your child or grandchildren can flourish and thrive.
Whole Life Insurance
Whole Life Insurance lasts for the lifetime of the insured, as long as premiums are paid. Below are options for a cash value policy that can be utilized in future planning: guarantee the option to purchase up to $150,000 of additional insurance with no health questions asked by adding a Guaranteed Issue Rider.2
SAMPLE, A Favorite Grandchild: Male, Age 5, Everyday Juvenile Rate
| Whole Life Insurance1 | Life Insurance Coverage | Premium | Premium Mode | |
|---|---|---|---|---|
| (1) | Paid Up at Age 100 | $25,000 | $175.50 | Paid Annually |
| (2) | Paid Up at Age 75 | $25,000 | $179.00 | Paid Annually |
| (3) | 20 Payment Life | $25,000 | $286.50 | Paid Annually |
| (4) | 10 Payment Life | $25,000 | $452.00 | Paid Annually |
| (5) | Single Premium | $25,000 | $2,577.50 | One Payment |
If you choose a whole life plan, it is beneficial to purchase a policy for the child early to allow it to build cash value and to teach financial responsibility. The cash value can be used later to help defray the costs of education or other necessities.
Term Life Insurance
A Term policy lasts for a fixed term. Our kid’s policy will last through age 26, then end. Kid’s Term Insurance can be converted to Whole Life Insurance! When the child is grown, they can purchase coverage up to $100,000 prior to age 26 without any proof of insurability.
| Kid's Term Insurance 3 | Life Insurance Coverage | Premium | Premium Mode | |
|---|---|---|---|---|
| (6) | Kid's Term Insurance to Age 26 | $50,000 | $80.00 | Paid Annually |
| (7) | Kid's Single Premium Term to Age 26 | $50,000 | $660.00 | One Payment |
Plus, as a member of 1891 Financial Life, the children can apply for grants and scholarships as they progress through school.
Ready to get started? Contact your 1891 Financial Insurance Representative or your Home Office representative 855-804-7424 Option 5.