Russ Ramsey

The timing of purchasing a life insurance policy for children and grandchildren depends on individual circumstances and needs. Here are a few factors to consider:

• Age and health: Generally, purchasing life insurance at a younger age and in good health can result in lower cost. Younger individuals typically have fewer health issues, which can make it easier to qualify for coverage and secure better pricing.

• Financial considerations: Assess your financial situation and determine if you have the means to afford the desired coverage. Consider your current and future financial obligations, such as education expenses or any outstanding debts.

• Future insurability: Purchasing life insurance for children and grandchildren when they are young and healthy can help ensure their insurability in case they develop any health issues later in life. Certain medical conditions can make it difficult to obtain life insurance coverage.

• Specific goals: Identify the specific purpose of the life insurance coverage. For example, if the primary goal is to protect against funeral and burial costs, a smaller policy may be sufficient. If the goal is to provide long-term financial protection , a larger policy or a permanent policy may be more suitable.

Ultimately, it's important to evaluate your unique circumstances and consult with a licensed insurance agent who can help determine the appropriate timing and type of life insurance policy for your children and grandchildren. They can provide personalized advice based on your needs and help you make an informed decision.