Life Insurance For Kids

How does life insurance for kids work?

Children’s life insurance will generally be a whole life policy. This provides lifetime coverage at low rates and provides them with their own individual policy.

You can also cover your children by adding them as a rider on your life insurance. A children’s rider is cost effective for budget conscious families with multiple children.

With a rider all children under the age of 18 are protected until an age between 21 and 25 ( exact age varies by company).

When they age out of the rider they lose their coverage. This is when they will need to purchase another plan.

How much life insurance do children need?

We recommend a minimum of $10,000 to ensure that funeral expenses can be paid for without worry. In addition to that it is wise to provide coverage above that.

If something bad were to happen you will want enough money to grieve without the need to rush back to work immediately.

If all goes well you will be doing them a huge favor by locking in such low pricing. This will allow them to leave even more to the next generation.

If I have life insurance for my kids through my job is that enough?

It is still recommended to purchase your own policy that you own and control. Life insurance offered through your employer can be taken away at anytime because it isn’t a State required employee benefit.

Also, if you change jobs or retire you may not be able to keep the policy which would create a gap in coverage and your child wouldn’t be protected.

Can I just wait until they’re older?

Yes you can but, we never know when something may happen so you always want to be covered. Also, waiting only insures that a permanent policy will cost much more down the road because they’ll be older.

Pricing is based on your age and health at the time the policy is taken out so children get the lowest premiums.

You also want to consider that by waiting you run the risk of them becoming uninsurable due to a sudden illness or even legal trouble.

Will my child need an exam to qualify?

No, an exam isn’t necessary to qualify