Why You Need Child Insurance Coverage?

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Why You Need Child Insurance Coverage?
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• Your child would grow up sooner than you think!!
  Time flies past us so swiftly before we even
  realize. Being a parent you want your child to
  get all the financial aid needed to establish a
  great career and a happy life ahead. I was
  reading a bestseller book named Rich Dad Poor
  Dad by famous author Robert T. Kiyosaki, the
  book states that although formal education is not
  the be all and end all of your childs
  financial future, it is still very important. The
  book emphasizes on its famous CASHFLOW quadrant
  which categorizes people in four different types,
  namely Employee Quadrant (E), Self Employed
  Quadrant (S), Business Owner Quadrant (B) and
  lastly, Investor Quadrant (I).

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• To be rich one has to be in the business quadrant
  or investment quadrant. To be a big business
  owner you need loads of investment and there is
  high Risk especially if you lack experience, for
  being an investor again you need lots of money,
  moreover your investments can go bad and you may
  suffer losses. A sure way to get financial
  security is to go in the E or S quadrant wherein
  you would either be an employee or a professional
  like Doctor, lawyer, CA etc. To be successful in
  the E and S quadrant your academic achievements
  and soundness would give you a competitive edge.
  And after being successful in these quadrants one
  can gradually move towards the B and I quadrants.
  Thus, good education is highly important to take
  up a high paying and satisfying employment. If
  you start with a good job you get healthy
  experience and can save more from the high
  salary. Then if you want to go in business you
  can use that experience and savings to invest in
  the business.

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• But higher education is very costly. If you are a
  parent and you belong to either of the first two
  quadrants, chances are that you wont have that
  much spare amount that you can spend 20-30 lacs
  that easily. The amount increases multifold if
  your child wants to study abroad and keeping the
  Inflation angle in mind, the cost is only going
  to be higher.Quoting from a book written by
  celebrated American investment and finance
  expert, Brian Tracy, one should always name
  ones money. In other wosrds, one should mark the
  destination of every penny so that you can check
  your extravagant expenditure and save money for a
  desired cause. Pre-planned channelization of
  money promotes systematic investment. Similarly,
  you should have dedicated savings in the name of
  your child, so that when he grows up he has
  enough money with him to pursue desired studies
  for which he is capable or for marriage.

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• The best bet is to invest in a child insurance
  plan. These plans are specialized child
  protection plans that help the child in two ways
  or two scenarios. First scenario, they provide a
  fund in which you keep investing money in the
  form of premiums and your money grows over a
  period of time called accumulation period. At the
  time of Maturity of the Policy your child gets
  the money. Second scenario, life is very
  unpredictable, you would do anything for your
  child while you are alive but what if something
  happens to you? Here the insurance aspect of the
  child plan takes prominence. If you die during
  the currency of the policy, the insurance company
  does not terminate the policy rather invests in
  the fund on your behalf and also pays a sum
  called Death Benefit to the guardian of the child
  for the maintenance of the latter. Thus, in a
  single plan you get the benefit of insurance and
  investment.

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• The motto of these plans is your death shall
  never be a hindrance in your childs success
  path.  If your child is bright he should get his
  share of opportunities to explore his potential.
  You have trained him to be successful, dont let
  a little lack in your planning to spoil that
  common vision you and your child share. Compare
  child insurance plans to have the soundest
  product at best prices and take the first step
  towards filling your childs future with
  opportunities.The sooner you start the wiser.
  Delay would cost you more in the form of rising
  inflation and lesser time to accumulate money.
  Even if your child is an infant, dont think that
  a lot of time is left with you. Experts say that
  you should start studying child plans as soon as
  you know that you are expecting a child. Start at
  your earliest to avoid burden later.
• Resource From http//www.easypolicy.com/KnowInsur
  ance-A/Why-You-Need-Child-Insurance-Coverage-