The Do’s and Don’ts of Children Insurance Plans

author-img By Mashum Mollah 5 Mins Read March 21, 2018

If you’re a parent, chances are that you have already spent a lot of time thinking and planning about your child’s education. And why shouldn’t you? Everyone knows that education isn’t getting any cheaper and life isn’t getting any more affordable. This leaves most parents in fear of being unable to meet their child’s basic education needs.

As a parent, it is wise to plan for any and all situations. There are many saving schemes for your child that you can consider to meet future uncertainties. Precaution is always better than cure, and so there is no such thing as being overprepared.

A good place to start is by looking at the best children insurance plan. Since there are so many plans to choose from, finding the right one can be a tricky task. So, we have come up with some tips help you pick the best children future plans for your kids:

The Do’s :

When choosing the best investment plan for kids, there are many things that you will need to keep in mind. However, you don’t need to do in-depth research on the issue to get the best out of your plan. Just remember the following things and you will do well:

Invest at the earliest :

There’s no such thing as starting too soon. Whether or not you’re having a kid in the next year, the sooner you decide to invest in a plan, the better your returns are going to be. Think of it as a time sensitive plan. The sooner you start, the lesser you’ll have to invest upfront and the higher your dividends are going to be.

Make Financially sound decisions :

  • You shouldn’t wait for your kid to decide what they want to be to pick out a reliable child future plan. Make a realistic and rational assessment of what the future expenses for their education are going to be like, and pick the best investment plan for your kids accordingly.
  • This way, you will not be compromising on your child’s future prospects and will also give them a good financial cushion to bank on.

Education above all else :

  • Don’t make your child pick between their dream institution and the less-than-good option. Do some research and find out the inflation in the fees charged by the best educational institutions.
  • This will give you a fair idea what to plan for and you can select the best child insurance plan on the basis of that.

Set Realistic Financial Goals :

  • The cost of living is ever-increasing and you must keep that in mind when you start your investment. Decide upon a realistic date of maturity, along with other details.
  • If your children are old enough, consult them on what their plans are and make ample investments in the best saving schemes for child.

The Don’ts that matter :

Here, we are going to talk about the things you can avoid when making investments in a child future plan. You may do everything right, and suffer a setback because of something you could have completely avoided. Here are some don’ts you must keep in mind when selecting the best investment plan for kids:

Buy a Life Insurance on the life of the child :

  • This is one thing many parents often fail to understand. You should not be buying just a life insurance for your child. Rather, opt for the best investment plan for kids.
  • Life insurance only provides general life coverage and your children may not be able to fully sustain themselves simply through a general life insurance policy.
  • After all, there are other expenses to consider like education, marriage, property investment etc. So, diversifying your coverage is the best way to make your child’s future more secure.

Derail the purpose of the Child Plan :

  • It’s completely fine to want your child to have a fairytale wedding. But, it is illogical to get a child plan for a possibility. Instead, always make plans for necessities, like education.
  • Financially speaking, education is going to be way more important to your child’s future than marriage.

Leave out Protection on Child Insurance :

  • Do not overlook the aspect of protection, especially in your child’s education plan. This isn’t a pleasant thought for many, but if you are to pass away sooner than you’d expect, the education plan would stop being of any use to your child.
  • A protection on the education plan ensures that your kids continue to reap the benefits of the plans you laid out for them.

If you keep this checklist of do’s and don’ts in your mind whenever you’re thinking of purchasing a child plan, you’ll have more clarity on how to go about purchasing the best child plan there is from the many options available to you.

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Mashum Mollah

Mashum Mollah is an entrepreneur, founder and CEO at Viacon, a digital marketing agency that drive visibility, engagement, and proven results. He blogs at

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