The
ideal way to secure your infant’s future would be to insure your own life with
him as the beneficiary of the policy. That is, if something were to happen to
you, the life insurance proceeds would fund his future education and all the
other plans that you made for him. It is the loss of your income that is being
insured in this case, and rightly so.
There
are numerous children’s plans available in the market with varying benefits and
different investment options. Undertake careful research and select the right
product that meets your desired future cash flow requirements and patterns,
your risk profile, premium payment options and policy term.
But
there is one feature of such policies that you just cannot and should not
ignore - the premium waiver benefit. This is to ensure that if premium payment
stops due to your death or disablement, future premiums on the policy would be
waived off (paid by the company). This would ensure that funding for your
child’s future is not interrupted or compromised even in the face of the most
extreme adversity. Such a benefit could be in-built in some policies but
certain other policies would offer it as a rider to be added on to the main
policy. It is pertinent to ensure that this benefit is available any which way.
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