Children

We do a lot for our children. Everything from holding their hands while they take their first steps to watching them graduate and take their first job. There are many ways that GPM Health and Life's products and planning can help insure their futures.

Planning for children's futures

Protecting our children's futures is one of the primary reasons that someone considers life insurance. Our needs for coverage peak during the years when we are paying a mortgage and caring for children at home. A life insurance policy provides us with a sense of security that, should the worst happen to us, our spouse and children would be able to keep the home, afford to maintain their standard of living, and fund college education.

This peak need for coverage can create a gap between what you can afford in coverage and what you need. Permanent coverage for this peak need can be expensive. This coverage gap is one of the reasons we offer whole life insurance as a foundation that can be more affordably extended with term insurance riders. You can have the maximum coverage when you need it most, then still have a permanent policy in place when you need less coverage and your children are grown.

When your children are young, it's worth considering permanent life insurance coverage for them while this type of coverage is the most affordable. Your children may be able to use the cash value later for education costs, a down payment on their first home, or have the peace of mind from having permanent coverage in place when they have children of their own. This is one way you can build a legacy for your future grandchildren.

Providing for a College Education

The August 18, 2014 Bloomberg "Chart of the day" says that college tuition cost in the U.S. have ballooned 1225% in the last 36 years. The same report shares that this rate has outpaced the price of inflation on consumer goods, medical expense and food. Most of us know that college tuition is expensive, but with the staggering findings it may place a bit more urgency into protecting this opportunity for our children.