The joy on a young grandchild’s face when he or she opens a present from grandma and grandpa can be priceless, even if the gift is sure to be short-lived and soon forgotten. In today’s world of instant gratification, gift giving can certainly be a challenge for grandparents. The financial value of a lifetime of birthday and holiday presents can be substantial.
When grandchildren are young, it can be difficult to imagine them as adults with families of their own, even if one day it is likely to become a reality. The time it takes for a grandchild to go from taking their first steps to walking down the aisle can seem to pass in the blink of an eye.
As adults, the most cherished memories that grandchildren will have of their grandparents will be of the times spent together, the stories told, and the lessons learned. These things will be remembered much more than any presents they received.
However, a Whole Life Insurance Policy is different because it can last a lifetime and serve as a significant component of a grandchild’s financial future.
Grandparents have an opportunity to leave a legacy with their grandchildren through the gift of Whole Life Insurance. Whole Life Insurance can provide a safety net of financial security and protection in a way no other financial vehicle can.
Some people may feel a bit uncomfortable with the idea of purchasing a Whole Life Insurance Policy on a child. However, taking a closer look at the long term benefits to the grandchild makes it clear why this particular financial vehicle is a worthwhile option.
Some advantages of purchasing Whole Life Insurance on a child include:
In addition to providing insurance protection, Whole Life Insurance offers a wider range of options and flexibility than many other financial vehicles. It provides:
In many instances, grandparents may take out a Whole Life Insurance Policy on their grandchild, name the parent as the Owner and Beneficiary of the policy, and then subsequently assume the role of Premium Payor of the policy. This approach gives the parent control of the policy and the option to eventually transfer ownership of the policy to the grandchild after he or she becomes an adult.
If you own a Whole Life Insurance Policy, chances are you can certainly appreciate the benefits that such a solid financial vehicle is able to provide. Considering historical dividend performance, imagine what a Whole Life Insurance Policy might be worth today had your grandparents purchased one for you as a young child.
While you may not find life insurance on a grandchild’s wish list, the lifetime of financial protection and security a Whole Life Insurance Policy can provide someday may be more than he or she could have ever hoped for.If you would like to start a conversation about leaving a legacy for your loved ones, call today!
We are always here to help in any way that we can.
Christopher M. CarrilloFinancial Advisor(314)-724-0116
Helping You Transform Your Vision Into Your Reality
Christopher Carrillo is a Brokerage Insurance Agent with MassMutual Financial Group.
MassMutual Financial Group is a marketing designation (or fleet name) for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates and sales representatives.
Christopher Carrillo offers insurance products through MassMutual as well as other insurance carriers.
Guarantees are contingent upon the claims paying ability of the issuing insurance company.