@section Styles { } Life Insurance for Children | Globe Life Family Heritage Division

« Back

November 10, 2018

Life Insurance for Children

Life Insurance for Children

If you’re thinking about purchasing a life insurance policy for your child, you likely have numerous questions you want answered about this topic. Is it possible for my child to have life insurance coverage? Is it worth purchasing? Here’s an overview of some common questions regarding children’s life insurance to help you decide whether it’s right for you.

Can Children Get Life Insurance?

Yes, a child can be covered with a life insurance policy. Typically, you’re most likely to find coverage for a child through a children’s whole life insurance policy. This policy pays out a death benefit – a lump sum – if the unthinkable were to happen. It can start the day a child is born and can last throughout their entire lifetime.

Certain companies might offer a child “rider” option that can be added to your or your spouse’s term life insurance policy. This would come at an additional cost and the child would be given his or her own benefit, usually at a smaller amount. If you opt to go this route, make sure to check the age requirement, because it can vary by company.

Should I Get Coverage For My Child?

A common debate in the life insurance industry right now is whether children need life insurance. How necessary is it? Is it even worth it? It can be difficult to think about, but it is a question that must be considered.

If you are thinking about purchasing a whole life insurance policy for your child, consider the current state of your finances and weigh them against the financial impact an overwhelming tragedy would have on your family.

Are your current financial obligations taken care of? Once you’ve looked at whether your finances are in check, you can then decide whether to purchase a life insurance policy for your child.

If something devastating were to happen, would you have the funds necessary to pay for a funeral, burial, medical bills, etc.?

These are all important questions to consider when thinking about ensuring financial security for your child.

Pros of Children’s Life Insurance

Even though policy benefit amounts and the buying process differ with each company, children’s life insurance can be very beneficial.

Pros of getting coverage for your child include:

Locking in affordable premiums

  • When applying for coverage, life insurance premiums are based on your child’s age and health. If you choose to purchase a policy, you can secure an affordable rate now and your child will be able to have the same policy for the rest of his or her life, with the same monthly payment.

Building cash value

  • When applying for coverage, life insurance premiums are based on your child’s age and health. If you choose to purchase a policy, you can secure an affordable rate now and your child will be able to have the same policy for the rest of his or her life, with the same monthly payment.

Future Insurability

  • The future of your child’s health is unpredictable.

No medical exam necessary

  • While adults are required to go through an exam process, children are typically not required to go through it. Usually, it only requires answering a few questions, so it’s less of a hassle to complete.

Concerns about Children’s Life Insurance

Despite the pros of children’s life insurance, some common concerns from parents include:

  • The fees that come with life insurance policies are not worth the cost
  • It’s expensive for something that is low risk
  • Statistically, the chances of a child passing away are slim

It’s a smart decision to purchase a whole life insurance policy for your child when he or she is young. If your child develops a specific medical condition or has poor health later in life, he or she won’t lose the coverage.

The decision to purchase life insurance for children is different for every parent. While it may be a priority to some, others may not see it as necessary. When it comes to insurance, each situation is unique and not “one size fits all.” Either way, it’s important to be well informed and to consider all of your options with your insurance company before making a final purchase.

Categories: Accident Insurance, Children’s Life Insurance, Life Insurance, Term Life Insurance

« Back