TAMPA, Fla., Oct. 31, 2024 /PRNewswire/ — QuickQuote.com recently ranked AIG as their top overall pick for life insurance policies for adult children.
AIG made top pick because of budget-friendly policies, including a 28% discount for variable universal life insurance.
AIG received its top pick because of its budget-friendly policies, including its 28% discount for variable universal life insurance policies.
QuickQuote.com’s full list of the top ten providers with their best aspects is as follows:
AIG – Budget-friendlyErie – Customizable policiesBestow – Comprehensive coverageLiberty Mutual – Customizable optionsState Farm – Diverse optionsGuardian – Tailored policiesAllstate – Additional benefitsUSAA – Diverse choicesMetLife – Flexible securityTransAmerica – Affordable options
Each company is best for a specific type of customer, so comparing quotes is essential to finding the best provider for each individual.
Case for Life Insurance for Adult Children
While it’s true that in many situations, there’s no reason for parents to buy life insurance for their adult children, it’s sometimes recommended.
Parents invest in their children and often, those investments are monetary. For example, sometimes, parents spend $100,000 or more in a child’s college education. They may lend their child money to buy a car or start a company.
Melanie Musson, a nationally recognized life insurance expert with QuickQuote.com, explains, “In these situations where parents have a significant financial interest in their adult children’s lives, a life insurance policy makes sense.”
Getting a Live Insurance Policy for an Adult Child
People can’t get a life insurance policy on anyone they want. For example, a life insurance provider will not write a policy for an average person to insure a celebrity’s life.
A parent must prove insurable interest to get a policy for an adult child. This step will be easy to accomplish if a parent can show that they’ve invested in or lent their child money.
Next, the parent will need the child’s permission. Parents can’t secretly take out a policy on their children; they will need signed consent.
In many cases, the beneficiary will be the parent, especially if they are their adult child’s next of kin.
Sometimes, the adult child’s children or spouse will be named the beneficiary. In this situation, typically, the adult child pays for their own policy and names their children as beneficiaries.
Read QuickQuote.com’s entire ranking report here: Best Life Insurance for Adult Children in 2024 (Top 10 Companies Ranked).
View original content to download multimedia:https://www.prnewswire.com/news-releases/top-pick-for-life-insurance-for-adult-children-aig-302292403.html
SOURCE QuickQuote.com
