Should my children have life insurance?

When you purchase life insurance for your children, you guarantee that they have insurance protection at a good price – because life insurance is generally less expensive the younger and healthier you are. The younger your child is when you buy a policy, the cheaper it will be. With a whole life policy, the low rate you lock in at the time of purchase will often be guaranteed for the duration of the policy.*

If you buy life insurance for your children when they are young and healthy – no matter what health conditions they might develop in the future – they already have insurance protection. 

Since cash value builds over the years, life insurance can help with everything that your child will accomplish in life, like college, marriage, home ownership, children of their own, etc. 

If you’re unsure about purchasing a life insurance policy for your child, you can add a Children’s Rider to your current life insurance policy. This type of rider is most often term insurance and builds no cash value but does provide the option to convert to permanent insurance at a future date. 

To buy a life insurance policy for a child, be prepared to provide your child’s full name, date of birth, and social security number. There may be a few health-related questions to answer.

If you have any questions about life insurance for your children, please contact our agency and we would be happy to help. 

Forbes Advisor*