Children’s Whole Life policy is insurance many people believe they do not need to consider. A child’s life is most important to a parent, and ensuring that the quality of that life is equally healthy and happy is essential. When it comes to our children, we want to rest easy knowing they are safe and cared for well. Parents take on this responsibility, but so can the grandparents. One way a grandparent may be able to help their grandchild is to get them covered by life insurance. But why buy your grandchild life insurance when they are so young? What benefits could there be?
What Is Children’s Whole Life?
First off, what is a children’s whole life policy? It is not too different from any other whole-life policy. Both policies offer a fixed death benefit and a premium that never increases. Most whole-life policies are applicable to adults between the ages of 45-85. Children as young as 14 days to as old as 17 are eligible for children’s whole life insurance. Such a policy can allow you to lock in coverage for your child for a lifetime.
What Are The Benefits?
As a grandparent, you have the benefit of purchasing a children’s whole life policy for your grandchild without permission from the parents. For example, a single parent might be unable to afford insurance for their child. The grandparent can help by setting up a policy keeping the child covered and ensuring they are taken care of down the road. Perhaps the child develops health issues or takes up a high-risk job when they are older. These factors would usually make it challenging to qualify for life insurance. But starting insurance coverage at a younger age helps ensure the child can buy additional coverage when they are an adult on top of what was already included in the policy years earlier. Additionally, a children’s whole life policy is an investment that accumulates cash value over time.
What To Do Next?
If a children’s whole life policy sounds like the kind of investment you want to investigate, we recommend speaking with one of our friendly licensed agents. An agent will be able to answer any questions and address any concerns that you may have. They will be able to help you understand your options and select a policy that is best for you and the child.
We hope that this information on children’s whole life insurance is useful to you. Want to learn what to do if denied life insurance? Then please read our article on being denied life insurance.
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Connor Swayne graduated from MediaTech Institute with an associate and tech degree in digital film and video editing. He joined the Empower Brokerage team in 2022 as a videographer and video editor.