Give your grandchildren the gift of life

Published 9:20 am Friday, December 3, 2010

Column: Dave Klatt, Guest Column

When you are trying to choose just the right gift for your grandchildren, you can have a tough time sifting through the newest trends and fads. Last week it was this pop star, next week it may be a new cartoon character. On top of that, you don’t want to get something that won’t last 10 minutes out of the package.

Dave Klatt

One gift that will last for many years is a life insurance policy. There are many reasons why it can be an excellent gift for your grandchild.

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Affordability: The younger the child’s age, the lower the premiums.

Protection: Illness or injury may affect a child’s ability to purchase life insurance coverage later in life. Coverage purchased now will continue to provide protection, even if a child’s health changes, provided premiums are paid as required by the policy.

Financial Security: Life insurance can be the foundation for a strong financial plan. The child may be able to borrow against the accumulated cash value (with interest charged) to pay for future expenses. While loans decrease death benefits and cash surrender values, the proceeds can be used for important expenses such as a college education or the purchase of a home

Giving a gift of life insurance to your grandchild can be one of the most significant things you do during your lifetime. He or she may not understand at the time how important the gift is but should grow to appreciate it in the future. Take the guesswork out of your gift shopping. Life insurance is a gift that will last a lifetime.