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Life Insurance for Baby
Life Insurance for Kids?Some claim that life insurance for a child is a good idea because life insurance for kids is a wonderful investment since the policy money builds up free of income taxes and you can borrow against the policy's cash value.
Others say life insurance for kids is not such a great idea in case your child has health problems later on; making it hard to insure him or her.
However, according to Walter Updegrave, CNN/Money contributing columnist, the main reason take out a life insurance policy is to replace that person's income should he or she die. Therefore, unless you know for a fact your infant will earn money that the family will depend on-then there is no reason for child life insurance.
So what's a better alternative for child life insurance? Instead of purchasing life insurance for a child, save for college! You'd be doing your child a much better service if you invested in a 529 college savings plan, or a Coverdell Account, recommends Updegrave.
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12/7/2005 10:18:37 AM
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