Children's Life
Children's Life Insurance can help your child start adult life with a substantial life insurance policy to help them later. All life insurance policies are intended to provide peace of mind, and children’s life is no exception. Buying life insurance for a child locks in a low premium and guarantees the opportunity to provide more coverage down the road, even if your child someday develops health issues or works in a high-risk occupation that would normally make it difficult to qualify for life insurance. Provide the gift of lifelong protection for your children and grandchildren through premiums that are guaranteed to never increase.
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How it Works
Children’s life insurance is a permanent life insurance policy designed to treat the child as the insured, although they technically don’t own the policy. This policy lasts for the child’s life, covering their beneficiaries as long as premium payments are made. It also offers cash value that grows tax-deferred with fixed interest, which may eventually allow the child to tap into it as an adult via borrowing, withdrawals, or cashing out the policy.
Once your child becomes an adult, you can transfer the policy to them.
Difference Between Whole Life and Children's Life
Children’s life and whole life are similar in most respects; both types of policies provide a fixed death benefit and a premium that will never increase, as well as the opportunity to accumulate cash value. The main difference is the issue age: while regular whole life is issued to people between ages 45-85, children’s whole life allows you to get coverage for a child age 14 days to 17 years and lock in that coverage for a lifetime.
Benefits of Children's Life Policy
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Guaranteed coverage that lasts for the entire life of the insured, both childhood and adulthood
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Locked-in premiums that will never increase throughout the life of the policy
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Potential cash value that grows with your child
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Set policy benefit to be paid to designated beneficiaries