Many people believe that life insurance for children isn’t necessary because the vast majority of children live until adulthood. However, there are several good reasons to purchase a life insurance policy for your child or grandchild. For example, purchasing life insurance for children while they are young and healthy is the only way to guarantee they will be able to have life insurance coverage as adults. Also, while no one wants to consider losing a child, the truth is that if this does happen, the cost of a funeral can add a substantial financial burden to an already unbearable situation. Life insurance provides a financial safety net that helps to prevent additional distress from unexpected medical or funeral costs that may result from the loss of a child.
We have several excellent solutions that provide life insurance coverage for your children or grandchildren.
Our Term To 26 Life Insurance solution provides affordable life insurance coverage for children and young adults. It is a term life insurance policy that lasts until the child turns 26 years old, at which point it automatically converts to one of our whole life insurance policies. Insured members are eligible to receive our Member Benefits package and to apply for our Scholarship Program at no additional cost.
Children’s Term Rider
You may be able to add life insurance protection for your children to your life insurance policy with the Children’s Term Rider. Under this rider, your children are insured until they reach age 25. At that point, the rider offers a guaranteed conversion option, which means your child can purchase a policy for up to five times the coverage that he or she had under the rider without providing proof of insurability or a medical examination.
If you’re not sure which option is best, we are here to help! Contact one of our district representatives to speak to an experience professional who can walk you through your options and help you determine which solution is best for you.