A Gift of Love to Consider
Updated: Aug 28
The season of love will be soon upon us. While Valentine's Day 2021 may look very different this year, you may be looking for some creative ways to gift your loved ones. One suggestion would be a life insurance policy for yourself, your spouse, or especially children and grandchildren.
A whole life product accumulates cash value. Cash Value is an amount of money that accumulates with time where a child can use it in the future for any number of reasons whether it be to purchase a home, pay for educational expenses, or putting it towards their own retirement. If you are considering a policy for a child, you can accomplish this all while the parent or grandparent (or loved one) pays for the child's policy.
Young and healthy is always good news in the life insurance business so children's rates are competitively priced. Purchasing a permanent life insurance policy for the kids in your life when they’re young can offer a combination of competitively priced premiums and locked-in insurability for life. As time goes on, imagine sitting down with the child and showing them an insurance policy in their own name and how that cash value is accumulating.
A ten year old might imagine a shiny new cell phone as a great gift. That same child in 10 years will be 20 and about to start adult life. That cash value will mean more and gain more value than a new cell phone from when they were younger. A life insurance policy can help you leave a legacy to the next generation.
Consider the "gift" of life insurance for a child who you love. If you are a parent, you absolutely need life insurance on yourself and your spouse. I am not sure other than your love and support, that there is a better gift to leave to your family. Unique to say the least but sometimes the best gifts are! Call me today for a free consultation to discuss giving a life insurance policy to a loved one. @PennMutualSouth #lifeinsurance #giftoflifeinsurance #legacy #insureyourlove
*Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.
This post is for informational purposes only and should not be considered as specific financial, legal or tax advice. Always consult your legal or tax professionals for specific information regarding your individual situation.