What is Dependent Life Insurance?
Dependent life insurance is a life insurance policy you buy to cover the lives of your dependents.
These insurance policies are usually offered through group insurance plans; such as, through an employer provided program, but can also be purchased privately, as your own life insurance policy, owned by you.
Supplement to Your Life Insurance Policy
Dependent life insurance policies can be purchased to supplement a policy you purchase on yourself.
Group Life Insurance Coverage
A dependent life insurance plan can be provided through a group life insurance benefit providing death protection to the dependents of an employee covered under the plan.
A dependent life insurance plan can be a voluntary, employee-paid group term life insurance plan in which you can elect coverage for eligible dependents.
Dependents can be a spouse, domestic partner or children. Children can include your biological children, adopted children, stepchildren or the children of your domestic partner.
Definition of Life Insurance for Dependents
Dependent life insurance coverage under a life insurance policy is coverage for dependents of a named insured to include a spouse and unmarried children under a specified age.
Under some life insurance policies, an insured’s spouse and dependent children, unmarried and under age 21, can be added at low rates.
Life Insurance to Protect Your Dependents
Most life insurance policies are purchased to provide financial security and protection for someone’s dependents, including their spouse and children.
For example, a main-breadwinner of a family may buy life insurance to replace his or her income for the family members left behind, so they have financial security and can pay their living expenses.
Your dependents may be named as beneficiaries of your life insurance policy; for example, leaving a portion of your life insurance death benefit to each of your children, and your spouse.
Beneficiaries usually receive the proceeds from a life insurance plan free from federal income tax and can use the money as they see fit.
You may want to purchase life insurance to provide protection for your dependents for any number of reasons, including:
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