Whole Life Insurance For a Child
Reader’s Question:
My eldest daughter Pia just gave birth to our first grandson, Lawrence Jr.. I originally thought of giving him an educational plan but am thinking of something more flexible that he can use for something other than education, if he wishes. Is there such a plan or insurance here in Virginia VA?
Ava
Alexandria, VA
Congratulations, Ava! You are lucky to have a new bundle of joy to bless your family.
Your grandson, too, is lucky to have a grandparent eager to provide for his future. Indeed, a flexible fund, which your grandson can use as he wishes is a great gift – and I think I know just the thing you’re looking for. A whole life insurance would be just the thing! It is, perhaps, the most flexible, versatile kind of insurance because it provides cover for your whole life as long as you keep paying the premiums.
A whole life insurance will earn a cash value, subject to deferred tax scheme (common to most life insurance in the US), which is expected to be considerable over time. Lawrence can use the accumulated cash value for practically whatever he wants. The cash is his to withdraw at will. He can use it to supplement funds for his college fund, start up his own business or purchase his first car or home. It can even be used in cases of emergency or to take advantage of a good investment. Some insurers in Alexandria Virginia VA even offer dividends, somewhat like earning interest, while the cash value is not withdrawn. Your grandson will be sure to appreciate the growing value of your gift as he grows older.
Now is actually a good time to look into available whole life insurance packages since premiums are at its lowest when the beneficiary is young. To search for insurers in Alexandria Virginia VA and get free quotes, just key in your zip code in the box on this site. You can also ask me again if you have other questions. I’m always happy to help!