Although we never want to entertain the idea of a child passing away, insurance policies are recommended for children for several reasons. The most common type of insurance used for a children’s policy is a whole life policy. Another option to cover a child is through a rider on an adult policy, but only covers the child up to a certain age.
A children’s insurance policy is usually very affordable in cost and can start as young as 24 hours old. There are limited health questions for a children’s policy but still requires medical insurability.
The most important benefit is you have guaranteed the child’s insurability for life, if the policy stays in place.
Most if the time, the child can increase the death benefit throughout life events while staying at a child’s rate.
Benefits of a children’s life insurance policy.
No, medical exams are not needed for a children’s policy and the process is much simpler than an adult policy. Although there are some medical questions that do have to be answered and taken into consideration.
A child’s policy can be issued for ages 17 and under as long as they medically qualify.
No the owner of the policy with be an adult 18 or older. The ownership of the policy can be transferred to the child at adult age. Some companies automatically move ownership of the policy to the child at the age of 21.
