If you are looking to get a meaningful and practical gift for a baby that is on the way, it's time to consider the gift of life insurance. Although this is something that most people don't think about for themselves until they are an adult with a family to take care, giving an infant this gift could help them in a variety of ways throughout their lifetime. When shopping for a policy, consider these options.
Whole Life Policy
It will cost more but you want to get a whole life policy. This means that when you have paid off the maturity of the policy, often when they turn 18 years or at another time based on how much the policy is for and if you want to make monthly or annual payments, the policy is good for their entire lifetime and you get in at a fixed rate.
Cash Borrowing Options
Over the course of their life and as they get to the maturity of the policy, you will have cash value built into the policy. You can borrow on this if needed, so if the receiver decides that they want to borrow money on the policy to go to college, buy a house, pay for a wedding or other reasons, they can.
They just pay back into the policy over time, and then build the value back up. This can be a great tool for them to utilize as a young adult, and they are learning about the different financial responsibilities and strains of life.
Guarantee of Coverage
Since you are purchasing this policy for the child before they are even born, you want to get a policy that will never deny the child coverage. There are many things that can prevent someone from getting life insurance, such as illness, crimes, driving record and more. Pick a policy that will guarantee that they are always covered under this policy, and you won't have to worry.
The policy is really a gift for both the parent and the child. If there was ever anything that happened and the policy needed to be used, it would be an investment that you wouldn't regret making. If you want to pursue this lead then find a life insurance agent that specializes in customizing the best policies as newborn gifts, and get working with the agent right away so you can finalize the details and information, and get an insurance quote.
