The topic of Life insurance for children is understandably a difficult issue for many parents. If your child dies, it would be a serious tragedy. But a child's death does not normally create a unrealistic financial hardship for the child's family. After all, the general purpose of life insurance is to replace income after a death. Unless the child is a substantial wage earner (like an entertainment star), no income is lost if the child dies. Although a child's death does create one immediate financial problem: funeral expenses. 

Isn't it smart to buy insurance now, while the rates are low?
It's true: life insurance policies for young children are very inexpensive. But there's a reason for that. Children's insurance policies are usually for smaller amounts, like $10,000 and are typically added to the parents policy in the form of a rider.

Insurance policies for teenagers and young adults are pretty inexpensive, too. In terms of insurance costs.  As your child ages and you take on added financial responsibilities in order to provide for their needs and education your need to have this type of insurance on your child may also increase.

Isn't it smart to buy insurance now, in case my child develops a medical condition?
It's a common sentiment: you want to protect your child now, in case he or she develops a medical condition and can't buy insurance later. If you believe your child is at risk to develop a medical condition, buying life insurance now might ease your mind. If you lose sleep over the possibility that your child will become uninsurable, then by all means purchase a life insurance policy now.

What you can do instead
If purchasing Life insurance on your child is something you are uncomfortable with, consider this:

To protect your child, you may want to purchase additional coverage on your own life and/or on your spouse's life. As wage earners, your death would profoundly affect your child's financial future. Make sure the coverage on both parents' lives ensures there will be enough money for day-to-day living as well as college expenses, even if something happens to one of you.

Learn More...

Life Insurance Overview | Understanding The Basics | Term & Cash Value
Coverage Amounts | Reading Policies | Planning Concerns | Life Calculator | Life Glossary

Please Note: The information contained in this Web site is provided solely as a source of general  information and resource.  It is a not a statement of contract and coverage may not apply in all areas or circumstances.  For a complete description of coverages, always read the insurance policy, including all endorsements.