Many people use life insurance to provide for their family in the event they suddenly pass away. The money can pay for the mortgage, help with college expenses and help to ensure the family is able to live the life they are used to. Teenagers do not typically contribute to their household, so you may be unsure whether your teenager needs life insurance. Here at AWARD Insurance Group, serving the Dalton GA. area, we want you to understand what the benefits of buying life insurance for a teenager are. Here are a few of those benefits.
Covers End of Life Expenses
One of the benefits to buying life insurance for a teenager is that the policy can help to provide money to pay for end of life expenses, such as medical bills and funeral expenses. If your teen is involved in an accident, you don’t want to have to worry about coming up with the money to bury them.
May Provide Guaranteed Insurability
Another benefit to buying life insurance for a teenager is that you can provide your teen with guaranteed insurability, depending on the policy you buy. If your teen has life insurance now, and they develop a disease or health condition later, they may be unable to qualify for life insurance. Having a policy early on when they are healthy gives them a policy no matter what happens later on in life.
Can Help With Co-Signed Debt
The other benefit to buying life insurance for a teen is that the money can help to cover the co-signed debt. If you co-sign for a car loan, private student loans or credit cards for your teen, you are responsible for those debts, even if your teen passes away. Life insurance can help to pay for those debts.
There are many benefits to buying life insurance for a teenager. If you are ready to get a quote on a policy for your teen, call AWARD Insurance Group, serving Dalton, GA. today.