Reader question:

Is it necessary to get a teen life insurance rate comparison?

Anne

Glad you asked.

If you have a teenager, when you go into a life insurance office to buy coverage, you may be offered a teen life insurance rate comparison. The agent tends to pitch it to you as a rare chance and completely necessary for your child, claiming that they won’t be able to purchase insurance once they come of age because of costs. While true in some cases, in the end you have to take a long look at these offers first.

Since life insurance is typically purchased for the people who earn the most money in the family, losing your teen’s $150 a week fast food cashier income probably isn’t going to hurt your family too much, which takes that reason out.

However, funerals are expensive, and can cost in the tens of thousands of dollars. With teenagers, they can come when the parents are completely unprepared. Rather than getting your teen their own teen life insurance rate comparison, you can add them to your own policy with enough of a benefit to cover funeral expenses in case of a tragic event.