Ignore 3 Top Child Plan Marketing Spiels

Hello and welcome to Fundoomoney, your 24X7 buddy for all your money matters! Life insurance companies offer child plans to save for the future expenses of children, especially higher education. Now, many of us typically buy child plans from financial advisors or relationship managers in banks. Not all of them are well-versed with the various aspects of child plans and how they could meet your specific needs. Among them, there could even be a few who might just want to close a sale rather than really helping you plan your future. In such cases, you are bound to come across three common marketing spiels from such people. We will shortly tell you about what they and why you need to be cautious.

It’s true that you may need a child plan can to help you prepare for your child’s future. However, you need to buy the right one and more importantly, you could use other investments to achieve the goals. That’s why you need to be cautious about anyone hard-selling life insurance child plans.

Over emphasis on emotions 
Many people selling life insurance tend to overplay the emotional card. Beware that this distracts you from finding out about the product features and its fit with your specific needs.

Absence of details of specific solutions
There are millions of parents saving for their children’s future. But each individual’s needs are different. You need to figure out what your specific needs are. For instance, you might have two children with an age difference of one year. Your brother’s children are five years apart in age. Your financial plans need to be very different. Check, if the person selling the child plan is taking cognisance of your specific situation as he or she is required to do.

Pitching an underperforming product 
You need to find out how the product that’s being pitched very hard has been received in the market. You can read online reviews, visit renowned social media platforms and groups and check with your family and friends. Child plans are long-term products with stiff penalties for premature exits. It pays to consider all the pros and cons before you invest since mistakes can be costly.

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