Being 16 weeks pregnant, many women start to think about buying a life insurance policy for their newborn. This is an excellent idea (even though some skeptics don’t think so). In this article, we will discuss exactly why the newborn age is the best time to obtain life insurance coverage.

Life insurance is always a morbid subject. Death is a fact of life, but nobody likes to think about their own death, the death of their parents, their spouse, and especially the death of their child. It’s a fact of life that parents go first, with some negligibly small number of exceptions. Modern medicine has created the safest conditions for weak newborns, and accidents are extremely rare too.

The issue is that some children can be born premature, or they can be born with a serious illness or a health threatening condition. Furthermore, later in life a small child may have an accident. These are all very rare, but they do happen. If anyone knew when they or their loved ones would die, they would be able to prepare. They would be able to say goodbye. A breadwinner would be able to provide for their dependents before they left. However, nobody knows when they will die. That’s why life insurance is so important.

Needless to say that life insurance is essential for all adults in a family, which will help the other spouse and the child. But it’s also important to have it for a child. If the unthinkable happens and the child is gone, the grieving parents may not be able to work. They will also need to find money for final expenses (over $5,000 on average). If their child was ill, and incurred medical expenses at a hospital prior to the unthinkable, these will also have to be paid for. In case of the unthinkable, the newborn/child life insurance will help the family cover all these expenses, and give them some space to grieve.

The above stated are the rarest of cases. Most children are born healthy, they live healthy, and they live longer than their parents. So, let us discuss the benefits of having insurance for a living child when they become an adult, which is what happens in the overwhelming number of cases.

The cash value of the life insurance policy can provide a head start for your child as an adult (cash value can be used to help pay for their university education or any other types of expenses). Alternatively, your child may decide not to cash in their accumulated cash value and keep it for their own children (your future grandchildren). Newborn insurance comes at the cheapest locked-in rates, so the payments will not become too heavy on the parents’ pocket. The amount of insurance typically ranges between $5,000 and $50,000 - everyone can choose the suitable amount for them. The benefit amount of the insurance is likely to double in about 18-20 years. Your young adult child will be provided with a large capital for any of their needs.