Reader’s Question:

I am divorced and our 5 year old kid is with his mothers’ custody (since that’s the arrangement). I intend to purchase a life insurance for my son in Fort Wayne Indiana IN. I would like to be certain if that would be a right decision, given the current circumstances between his mother and I.

Adam

Fort Wayne, Indiana

I’d like to say, kudos to you, Adam! Nothing can be better than such a perfect decision. Since your son is very young, that will mean a no exam life insurance for him. If you start investing with your son’s insurance today, it will just cost you lesser and you will get a better deal. Also your son is young and healthy this will add to your advantage if you should buy one in Fort Wayne Indiana IN now.

Your only dilema now is to choose among th many types of life insurance out there. One of the best options that you have is get a term life insurance that has a guaranteed periodic option. This way, you are securing your son’s future that even if he reaches adulthood and develops some health problems your son would still have a life insurance that will be most beneficial for him.

You may also get a whole life insurance for your son. Though this can come as the more pricey one, this type of life insurance will cover him for the rest of his life. Even if your son’s age increases, or your son will develop some chronic illness, or even if your son will have a dangerous job such as in the military, your son will still be covered with no exam life insurance. Since whole life insurance accumulates cash value, your son can loan from it or withdraw it for his college needs too.