Grasping for Gift Ideas? Try Gift Insurance!
June 13, 2013
Whether it’s a graduation, a wedding or a special birthday, you may be searching for the perfect gift to give this summer. While there are many different gifts to give depending on the occasion, you might be interested in commemorating the special moment with something practical to serve your special young adult for years to come. Consider giving gift insurance, which offers a great opportunity for financial security.
One prudent option is to provide a gift of life insurance. Many young adults don’t realize it’s something they should consider purchasing; by gifting it, you’re preparing them for future security that offers financial benefits and peace of mind. If you have several life insurance policies of your own, you can name your child as the beneficiary of one. Another option is to purchase a policy for the young adult. Consulting with an insurance agent about this process is the best way to ensure that your recipient is getting the right policy, as he or she will need to be involved in the procedure.
Another wise choice is to give health insurance. Often, young adults, especially college graduates, can no longer be included on their parents’ health plans and may not be able to obtain their own until after they become employed. To give this type of gift insurance, you can purchase short-term coverage that lasts for a range of months, depending on the policy. This insurance is very valuable for safeguarding against the unexpected.
A third option is to include your child in your estate planning activities, either by making him or her a beneficiary of your will or including him or her as part of a trust. You can also name your young adult as the recipient of part of your retirement plan money. This is a long-term choice, but one that has the potential to assist someone later in life.
Gift insurance is truly a present that keeps on giving, and is a wise choice for providing a young adult with stability and security. Do you know anyone who will be graduating or getting married soon? How do you plan to help?