Affordable Life Insurance Protection for Your Family

How to Buy Life Insurance for a Child

Buying Child Life Insurance Plans

How to Buy Life Insurance for a Child

If you’re a new parent or you have young children you may have noticed the commercials on TV offering child life insurance plans, or maybe you have received the offers through the mail.

Some of the leading child life insurance companies including Globe Life and Gerber make these plans available to parents as a way to provide financial security for your child’s future.

If your shopping for children’s life insurance for your child you may want to learn how the coverage works and the benefits of protection for your child.

Child life insurance is a type of permanent life insurance protection that insures the life of a minor for his or her entire lifetime.

It’s usually purchased to protect a family against the sudden and unexpected costs of a child’s funeral and burial costs. These plans build cash value over time inside the policy, from which a loan may be taken in the future.

Child whole life insurance policies can provide inexpensive and guaranteed lifetime life insurance protection for your child. Some plans start for only $2.17 per month.

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Who Can Buy Life Insurance for a Child?

Whether you are a parent or a grandparent, you may purchase life insurance on your child or grandchild.

Upon reaching age 18 you may transfer ownership of the life insurance policy to the child. 

However, as owner of the policy, the child will become responsible for making the premium payments on the coverage at that time.

 

When to Get Whole Life Coverage for Your Child?

Most insurers offering child policies make coverage available on children age 18 days up to 18 years.

But, when should you buy a policy for your child or grandchild? 

That depends on what you want you the life insurance 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.

 

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 Buy 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

 

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

 

How to Get Your Child Insured for Whole 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 Whole Life Insurance Companies

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 Whole Life 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 Whole 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 Examination 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 Insurance for Children

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.

 

Child Life Insurance Quotes


Top Pick – Globe Life Insurance

Get FREE Information on how $1* Can Buy Up To $20,000 Globe Life Insurance for Children

  • Pay just $1* for the first month's premium 
  • No Medical Exam - Simple Application.
  • No Waiting. Buy Direct.
  • Rates as Low as $2.17 per month.
  • Join 4.2 Million Policyholders.
  • No Phone Required. No Credit Required.
  • No Agent Involved.
  • Up to $20,000 in Globe Life Children's Life Insurance 
  • Builds cash value for your children
  • No Risk - 30 Day Money-Back Guarantee 

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How to Buy Life Insurance for a Child?

 


Disclosure: Compensated Affiliate