When Should I Buy Life Insurance for My Child?

Learn About Buying Child Life Insurance


When Should I Buy Life Insurance for My Child?

Child life insurance is a form of permanent life insurance that insures the life of a minor. 

It is usually purchased to protect a family against the sudden and unexpected costs of a child’s funeral and burial costs, and to secure inexpensive and guaranteed lifetime life insurance protection for your child.

 

When to Get Coverage for Your Child 

Most insurance carriers offering child life insurance plans make it available to kids age 18 days to 18 years of age. But, when should you buy a policy for your kids?

That depends on what you want you the policy to accomplish.

 

Get Coverage Today If You Want To:

  • Guarantee your child has life insurance as an adult to protect his or her future.
  • Build up some savings for your child’s future needs including college.
  • Lock-In the lowest premium available for your child’s coverage.
  • Guarantee your child can add more coverage when reaching adulthood.

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Get Coverage at a Later Date If You Want To:

  • Guarantee you will be paid should your child who is taking a loan from you to go to college passes away. 


Many parents buy a life insurance policy on their teenage child when the child starts college with a loan from the parents.

That way, the loan is guaranteed to be paid back should your child pass away unexpectedly, as the parents would be named beneficiary of the life insurance.

 

Why Purchase Child Life Insurance?

Life insurance can provide your child with several important benefits including:

  • Guaranteed Future Insurability
  • Lock-in Low Cost
  • Build Cash Value Savings
  • Guaranteed Option to Add Coverage in Future

 

Why is Guaranteeing Your Child’s Future Insurability So Important?

Because many young people today are developing health issues which may make it much more expensive for them to get insured in the future when they start a family of their own. And, some health problems can may make your child uninsurable in the future.

When you consider the number of children developing diabetes and/or obesity at a young age, both of these health issues can lead to difficulty finding affordable life insurance as an adult.

 

Diabetes Facts 

  • 1.5 million Americans are diagnosed with diabetes each year.
  • Diabetes remains the 7th leading cause of death insurance the United States in 2015. 
  • Approximately 1.25 million American children and adults have type 1 diabetes.

 Source:  Diabetes.org (Diabetes Statistics)

 

Obesity Facts 

  • Approximately 17% of the population is considered obese.
  • 12.7 million children and adolescents are obese in America. 
  • 8.9% of children 2 to 5 years old are obese 
  • 17.5% of children 6 to 11 are obese
  • 20.5% of children 12 to 19 are obese

Source:  CDC.gov (Childhood Obesity Statistics)

 

How to Get Your Child Insured for Life Insurance

It’s actually quite easy to purchase a life insurance policy on your child or children. Any parent may purchase a child life insurance plan on his or her children because parents have an insurable interest in their children. 

The process of purchasing coverage is simple, you just request a free quote, apply online in about 5 minutes and begin your coverage. 

With children’s life insurance there’s no physical examination required, just a few Yes/No health questions are asked about your child’s health.

 

Top Child Life Insurance Carriers 

Some of the leading insurance carriers offering life insurance for children include some well-known insurers such as Globe Life, Mutual of Omaha and Gerber Life, among others.

 

Amount of Insurance Coverage Available for Children

The amount of coverage available will vary by insurer. For instance, Globe Life offers up to $20,000 of whole life insurance for kids.

 

Globe Life Coverage Amounts Available:

  • $5,000, $10,000, $15,000 or $20,000 of coverage.

 

Cost of Child Life Coverage 

Life insurance plans for kids are very affordable. Some start as low as $2.17 per month. It depends on the amount of coverage you need for your child.

 

Pay Only $1 for the First Month of Coverage

After the first month, the premium is based on the rate schedule for your child or grandchild’s present age and is guaranteed to remain the same for the rest of their life.

 

No Medical Exam Needed

Simple application without a health exam. Apply for a policy online in about 5 minutes.

 

No Waiting Period

100% full coverage begins from the first day your child is insured.

 

Globe Life for Your Child

Globe life which was established in 1951 offers whole life insurance policies for children and grandchildren.

Globe Life has more than 4.2 million current policyholders across the United States.

Once your child is approved for coverage, the amount of life insurance benefits will never be reduced or canceled regardless of changes in health, age or occupation, as long as the premium payments are made on time.

Keep in mind, there is a risk-free, money-back guarantee.

 

Top Pick – Globe Life Insurance

$1* Can Buy Up To $20,000 Globe Life Insurance for Children

  • No Medical Exam – Simple Application.
  • No Waiting Period. Buy Direct.
  • Rates as Low As $2.17 per month.
  • Join 4.2 Million Policyholders.
  • No Phone Required. No Credit Required.
  • No Agent Involved. 

 


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When Should I Buy Life Insurance for My Child

 


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