Once your children are grown, you may not see the need to carry life insurance any more. However, you might want to continue carrying life insurance for your adult children in order to provide them with the financial security they would otherwise not be able to afford.
While life insurance should be part of everyone’s life, young adults may not be able to find room their budget for it. You can help them out by paying the insurance premium on an affordable policy until they are able to pay for it themselves.
Protecting Your Adult Children
The process for buying life insurance for your adult children is much the same as buying life insurance for yourself. As the policyholder, you choose the amount of insurance you want to buy, you pay the premiums, and you decide who the beneficiaries will be. However, your adult children need to give their consent for you to take out the policy.
How much insurance do your adult children need? This will depend on how many dependents they have and whether or not they are in debt. Many experts suggest an amount that is eight times their annual income, which should provide for living expenses for 20 years.
Finding an Affordable Policy
The Internet is an excellent source for finding an affordable life insurance policy that will protect your adult children and their families. By going to an insurance comparison website on the Internet, you will be able to quickly and easily obtain insurance quotes from several A-rated insurance companies.
Of course, you will need to complete a form with information about the insured, such as their medical history, jobs, and habits. You will probably want to work with your adult child to complete the form so it will be accurate.
On the best insurance comparison websites, you can also get answers to your life insurance questions by talking with insurance professionals by phone, or through their online chat service (see link below).
Where to Get the Best Rates
Visit http://www.LowerRateQuotes.com/life-insurance.html to get life insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section.
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on life insurance for adult children.
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