Picture this.
You finally get your newborn home. The car seat is installed. The nursery is ready. Friends and family stop by with plenty of gifts and even more unsolicited advice. Then reality sets in. The days become a blur of bottles, diapers, naps, and wondering if anyone in the house will ever sleep through the night again.
Little by little, you find your rhythm. You start to think, We’ve got this.
Then, at a routine checkup, your doctor shares unexpected news. Your child has been diagnosed with a lifelong medical condition. No one caused it. No one could have prevented it. Sometimes, life simply changes the plan. That’s why financial planner Dave Manley of Summit Financial Solutions encourages parents to think about something most of us never consider during those happy first weeks: permanent life insurance.
“Fourteen days is the youngest a child can typically qualify for a life insurance policy,” Dave explains. “And it’s often the best time to put one in place.”
Why so early? Because if your baby is healthy, they’ll likely never qualify at a lower cost than they do today. Even more important, if that policy stays active, your child can keep that coverage for life—even if they develop health problems years later that might make buying new coverage difficult or impossible.
Think of it as locking in future options while the door is wide open.
Permanent life insurance also does something many people don’t realize.
Unlike term life insurance, which covers someone for a specific number of years, permanent life insurance doesn’t expire as long as the policy stays in force. It also builds cash value over time. “Permanent life insurance is kind of like the Swiss Army knife of financial products,” Dave says with a smile. “It can do a lot more than people realize.”
That growing cash value may someday help with college expenses, a first home, or other major milestones. Every family’s situation is different, so Dave encourages parents to sit down with a trusted financial professional to decide what makes the most sense for them. Of course, no parent wants to imagine losing a child. But if the unthinkable were ever to happen, the policy’s death benefit could give a family the financial breathing room to step away from work, seek counseling, or even create a charitable legacy in their child’s honor.
Thankfully, that’s not the story most families will ever live. The more likely ending looks something like this: Fast forward 30 years.
That tiny baby is now a grown adult with a family of their own. They’re healthy—or maybe they’re managing a medical condition that would make buying life insurance today much harder. Because Mom and Dad planned ahead, they already have coverage in place. They also have years of accumulated cash value that may have helped them along life’s journey.
That’s a pretty amazing gift.
Parents spend years planning for soccer games, dance recitals, college, weddings, and first homes. Buying permanent life insurance may not feel as exciting as picking out the perfect stroller, but it can become one of the most thoughtful gifts a parent ever gives. And someday, many years from now, your child just might look back and say, “Thanks, Mom and Dad.”
If you’re wondering whether permanent life insurance is the right fit for your family—or if you should review your own coverage—Dave Manley is always happy to answer questions and help families build a plan that fits their goals.