Insurance: Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company.

Several parents are conscious that life is unreliable and the future cannot be prognosticated. So, they desire to purchase Life Insurance for their children, even if they realize that Life Insurance is not a compensation for the bereavement caused by the irreparable loss of a child. But, the insurance provides succor when the child may be seriously ill and also supplies the costs for funeral if needed

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Furthermore, the insurance endows with monetary relief to other family members. It is wise to get this beneficial policy at less premium rates for the family member when he is young and healthy.

The young and healthy children are considered at low risk and therefore policies can be obtained at a reasonable rate of premium. Also, they have the choice of maintaining it during their youth with peace of mind that they are guaranteed by comprehensive Long Term Life Insurance.

After reaching the age of twenty-one years, it is feasible to change with another policy, which is cheaper as compared to purchasing a fresh policy. That is why people consider buying insurance for their children.

Finance connoisseurs suggest to buy Life Insurance cover for children with a benefit that on attaining maturity they may become un-insurable due to certain circumstances. Persons with limited budget may choose the Family Life Insurance as it provides cover for the whole family including children below twenty-two years of age. Older children above twenty-two years who may support themselves are also covered by this Insurance.

Life Cover for children is deemed unnecessary by some persons as children have no dependents to secure. But, such Life Cover can be utilized as an Investment Portfolio even though mature children may not give anything for the retirement savings plan up to age of thirty years.

Purchasing Life Cover for children is advantageous because it is not costly and they have not to procure a policy in their adulthood. Also, they will be saved from the problem of being un-insurable if they suffer any medical problems later in life.

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