July 23, 2018
June 22, 2018
The major reason for purchasing children's life insurance is for the death benefit. These funds can be used to pay for funeral or memorial services or to cover any unpaid medical bills incurred while caring for your child.
The death of a child has extreme emotional impact on the parents but the financial impact will be limited to those aforementioned costs. If you want to insure against these, perhaps you can add your children to an existing life insurance policy for yourself for a small additional premium. Also, check to determine if it is a benefit provided from your employer.
Children's Life Insurance - Builds Cash Value
Permanent insurance such as whole life or universal life insurance does build tax-deferred cash value. This cash value can be accessible for college tuition or down payment on a home. Paying regular premiums will develop disciplined contributions for your child's saving account; however, the cash value of life insurance is decreased by the annual cost of the death benefit.
You don't know what your child's future health will be. Buying life insurance earlier with the intent for it to be permanent does result in a lower premium at the time of purchase. If you have a family history of poor health, that will increase the premium costs. It is difficult to anticipate what those costs will be as your child matures into adulthood.[1]
The choices for children's life insurance policies are either whole or universal life permanent policies. Term insurance is not sold on children.
Before purchasing any insurance product, be sure to discuss your specific needs with your insurance advisor. At Dave Reed Insurance, the Peace of Mind People, we are ready to answer any questions you may have. Feel free to telephone our Creighton Road office at 850 494-2264 or our N. Navy Blvd. office at 850 453-8555.
June 10, 2018
May 14, 2018
Each year VIP Pensacola accepts nominations for the top 10 businesses in many categories. This year Dave Reed Insurance has been nominated. In order for us to win the top award you need to vote for us.
Voting starts May 12th. Please go to VIPPensacola.com, scroll down to Insurance Firms and vote for Dave Reed Insurance once a day minimum. Voting continues through May 30th.
Thank you for your support!
April 14, 2018