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Term Life Insurance for Children

You might think all term life insurance policies are geared towards adults. Did you know you children can be covered, too? In this article, we'll examine term life insurance coverage options for children, including how it works and why it might be a good fit for your family.

With this coverage, you receive a death benefit if your child dies while your policy is in force. This payment can allow parents to take time off work to grieve, and to cover funeral expenses, among other costs.

This coverage could also protect your child’s ability to get life insurance in the future, a draw for parents who worry that a medical condition may disqualify their children from purchasing a policy later in life.

So, how exactly does this coverage work?

The Nuts and Bolts of Children’s Coverage

Term life insurance for children may not be sold as a stand-alone policy. Instead, you can obtain this coverage as a “rider,” or add-on, to your own coverage.

So to secure insurance coverage on your children, you’ll have to own a life insurance policy yourself. You then purchase a rider that extends coverage to other family members, such as your children.

You may be able to finely tune the amount of coverage you receive for your children. Many insurers price coverage in terms of $1,000 “units” of coverage. Each unit may cost, for example, $5 per year. 

Reasons to Purchase a Policy

Term life insurance for children may be a good option if:

  • You want coverage for the costs associated with a child’s death
  • You want to lock in your child’s life insurance coverage, so he or she will not have trouble purchasing a policy later in life

For some parents, however, other financial investments may be more prudent than term life insurance for children.

To learn more about your options, you can speak with a licensed agent at 1-800-966-7169

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.


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