Nation’s Top Insurance Lawyer

Frank N. Darras, America’s top insurance lawyer suggests parents consider giving the other gift of life as a graduation gift this year. Give your son or daughter a life insurance policy and help jump start their financial future, says Darras. As unorthodox as this may be, it gives a piece of financial security to high school or college graduates and the policy grows in value as their lives grow.

People ask, “Why would anyone buy life insurance when they are so young?” There are two reasons, says Darras. “One, the policy offers protection should the unexpected happen; two, a universal policy or whole life policy can grow and build up cash value over time. The younger the policyholder, the longer he has a valuable life insurance policy and can cash it in when the time is right. This assures that even if an unforeseen health conditions pops up, your adult child will be insured. This is an alternate way to grow an asset while protecting your family from financial disaster. See www.darraslaw.com

Before you decide which life insurance option is the right purchase, make sure you know the difference between term, universal and whole life. Read the contract and make sure you understand it, know when and if your insurance company can raise your premiums. Maybe you would like to start out with a term policy and later convert it to whole life. As parents all we want is the best for our kids and making sure they have life insurance when they are young and healthy is important, says Darras.

Shop for a policy that will pay the largest death benefit at the lowest price, and that has the most features for the longest renewable term. Purchase only from an agent you really trust.

“Buy sooner rather than later,” says Darras. “The younger and healthier the person is, the lower the rates.”