Why every parent should have a child insurance policy
There is a lot of joy and enthusiasm when you are about to become a parent. Along with this joy, numerous responsibilities are vested on your shoulders which will be an integral part of this beautiful happiness of life. From the medical costs, the living expenses, the basic education cost to the huge chunks of money required for their higher education, there are many things you will need to prioritizeand plan beforehand. Your love for your child also brings worries about their future. You might be able to support their needs all the while you are around them but what about the time in your absence.There are several child insurance policies available in the market, which ensure that you do not have to carry the stress about this phase.
Let’s understand in detail what these policies are. A child insurance policy isa plan, which provides a secure monetary cover to take care of all the needs and expenses of your child for their future plans and dreamseven in your absence.
Here are a few of the reasons why every parent should have a child insurance policy –
- Security cover – Time is the most unpredictable thing in life, and you can never be assured of what might follow next or whichwrong turn your life may take. However, you have some loved ones in your life, and you always wishto take care of their needs even in your absence. Life insurance policies do the needful for such cases, but the child insurance policies keep it more specific for your child and form a very solid cover of financial security for them.
- Predetermined payouts – most of the child insurance policies offer timely payouts as a prefixed proportion of the assured amount. With such periodic payouts, numerous small and big expenses and requirements of a child can be fulfilled easily without any compromise.
- Flexible choices – parents can select any kind of policy, which suits their income strata and can help them fulfill their probable goal for their child. The child insurance policies are available in wide range of options from high investment equities to the lower ones.
- Various purposes – your child investment policy is not just limited to saving money for their education or lifestyle but can also be aimed at looking after their health or marriage expenses. These policies serve to be an ideal option for such purposes.
- Benefits – if the funds reach the maturity tenure, they yield maturity benefits and payouts to the insured individual’s child.
With a desire to fulfill your child’s all wishes, you can actually ensure that they never fall prey to the diversities of time and live a secured and protected life. Apart from the above stated benefits, there are numerous other brownie points and a good range of options of child insurance policies available in the market.