Life Insurance for children is whole life insurance or often called permanent life insurance that protects your children or grandchildren for their whole life. Children’s whole life insurance can also be called Juvenile life insurance. These children’s whole life insurance plans tend to be smaller face amounts than other life insurance plans-usually from $5,000 to $50,000 in coverage. Assurance Life helps parents and grandparents secure the best insurance for children through the numerous life insurance companies we work with. Give us a call at 800-517-0810 and one of our licensed specialists can help you.
Highlights of Children’s Whole Life Insurance:
- No medical exams required
- Policy builds cash value for future expenses
- Policy is good for their whole life
- Policy can’t be cancelled due to age or health
- Plans available from 14 days to 17 years old
- Can often add additional coverage later in life
- Level premiums for life
How does Children’s Whole Life Insurance work?
Life Insurance for Children works the same as whole life insurance with some minor differences. First, when you purchase a children’s whole life plan the parent or grandparent is listed as the owner rather than the child. Before the child reaches adulthood, the policy stays in your name and protects you in the tragic event of a child’s death. Once your child or grandchild reaches age of adulthood, usually between 18-21 (depends on your state) you can then transfer the policy ownership to them. As long as the premiums are paid, the coverage will last a lifetime providing financial security at a time they would need it the most.
Which companies offer Children’s Whole Life Insurance plans?
Several life insurance companies offer children’s whole life insurance plans. Of course, Assurance Life has its favorites. Gerber’s Grow up plan is popular as well as Mutual of Omaha’s Children’s Whole Life plan. Gerber is a recognized name and one of the best aspects of their children’s life insurance plans is that they double the death benefit amount when the insured turns 18 at no additional charge. Mutual of Omaha is also an excellent company to deal with. Mutual of Omaha has been around for over 100 years and is headquartered in Omaha, NE. Customer service is great on the agent side and on the customer side as well.
They have some of the best rates in the children’s whole life insurance industry. One big benefits to their plan is they will take children up to age 17 where Gerber stops at age 14. Plus, you can purchase up to $50,000 of whole life insurance under this plan if needed. The applications for life insurance for children are very simple to complete and usually the process takes less than 10 minutes start to finish with an instant online decision. It’s really that simple when applying for child whole life insurance.
When is the best time to buy Children’s Whole Life Insurance?
Some of our clients buy children’s policies right after their children are born. Some wait until later in their teenage years to purchase a policy. It really depends on each family’s situation. What do you want the child life insurance policy to do? This question may help you decide when the best time to buy. Here are the main reasons our clients tell us they purchase a children’s whole life insurance policy for their children or grandchildren:
- Policy would cover funeral expenses in the event of a tragic death of their child
- Concerned about health concerns later in life so buying early before this happens
- Locking in rates at an early age while they are affordable
- Giving a legacy gift out of love
- Builds cash value to borrow against if needed
It almost feels unnatural to think that a child could die before their parents. However, a little-known fact about whole life insurance policies are the benefits they offer beyond just paying out a death benefit. The cash value that accumulates over a lifetime can come in handy for any family emergencies or short-term cash needs. When policies are purchased at a young age, the rates are locked and the lowest they can possibly be. As your child or grandchild takes the responsibility for the policy during adulthood, it establishes a good habit of planning ahead to take care of family. Parents and grandparents are giving a wonderful gift to begin a children’s life insurance policy.
How to get started-
Assurance Life is able to compare the companies that offer children’s life insurance. After completing the request for a quote, a specialty broker will assist your family with finding the best policy for your child or grandchild. While usually parents and grandparents purchase policies for younger children, you can also consider this gift option for adult kids and grandkids.
Sometimes our family members need some help planning ahead when don’t have their own life insurance policies due to financial limitations or just thinking they don’t need insurance. Whether for your youngest family member or even yourself, Assurance Life is waiting to help you with your whole life insurance needs. Call 800-517-0810 and one of our licensed agents can assist you.