You and your spouse or partner have just welcomed a baby in Memphis, TN. While many parents are consumed with the joy of birth and the responsibilities that come with it, one important consideration often overlooked is purchasing life insurance for the newborn. The agents at Keltner Insurance can help you select a policy that benefits both you and your new addition.

Why Earlier Is Better

Experts often recommend buying life insurance for your child as early as possible. However, the "best" time can vary depending on your finances, goals, and motivation. Purchasing a policy early provides several advantages for your child. Ideally, the optimal time to buy a policy is before your child turns one year old. However, securing a policy before your child turns 15 can still offer significant benefits.

Benefits of Buying Life Insurance Early

Buying life insurance for a child under one year old ensures the lowest possible premiums. Once the child becomes an adult, policies purchased at age 15 or later typically must be converted to adult policies, which often require a medical exam. Purchasing a policy early locks in low rates that often remain consistent throughout the life of the policy. It also guarantees insurability, protecting against future health conditions, such as diabetes or cancer, that could make them uninsurable or increase costs later.

Additionally, life insurance policies for children can accumulate cash value over time. This cash value can be used for future needs, such as funding college tuition or making a down payment on a home.

If you’ve recently had a child, consider discussing life insurance options with Keltner Insurance. Contact our Memphis, TN, office today to get started.