Children: Do I need life insurance for my children?2023

Do I need life insurance for my children?

I think it’s a great first step that you are even considering whether your children need life insurance. Typically, we consider insuring ourselves when we consider getting a life insurance policy to protect our kids.

However, there are numerous additional ways to use life insurance to safeguard your dependents. We will look at child insurance in more detail below, along with why some parents find it a wise investment.

A licensed insurance agent can assist you in comparing your options and going over your needs if you’re ready to talk to someone right away about your options.


What is life insurance for children?

The only difference between adult and child life insurance policies is that child life insurance covers children. They are created with the intention of shielding a parent or guardian from the unforeseen expense of a funeral or burial.

In addition to ensuring the child’s lifelong insurability, purchasing a life insurance policy when they are young and healthy. Additionally, a permanent life insurance policy might be used to accumulate funds for your child’s future.


There are five reasons to think about getting life insurance for children.

1. Covering the costs of a funeral.

Child life insurance is primarily designed to cover your financial obligations in the event of your child’s death. Although you might believe that life insurance is only required for those who earn a living for the family, this idea completely ignores the expense of burying a child. A viewing and burial are included in the $7,848 average cost of a funeral. The price is closer to $6,971 if the deceased is cremated.

2. Ensuring your child’s future insuranceability.

Assuring children have life insurance now will help them have it as adults. They are not concerned about how getting sick or contracting an illness might affect their ability to purchase life insurance.

3. Securing low rates.

A young, healthy person can be insured for less money than an adult who might have a serious illness. When your children are young and healthy, locking in low premiums can help them save on premiums over the years.

4. Increasing your future savings.

A savings element known as “cash value” will be included in the plan if you choose to purchase a whole life insurance policy. The insurance policy’s accrued cash value increases over time and can be repaid or used as collateral for loans. Be aware that cashing out the cash value could make the policy void.

5. Aiding with the payment of medical bills.

“Accelerated benefits” are a feature of some child life insurance policies. This means that if a person develops a terminal illness or a chronic illness, they might be qualified to receive some or all of the financial benefits from their policy.

Do I need life insurance for my children?
Do I need life insurance for my children?


If my child is already ill or disabled, can I still purchase life insurance?
The severity of your child’s condition, or how severely disabled your child is, will determine whether or not he or she is insurable. Even though you might have no trouble finding insurance for your child, the cost of the plan might be comparable to that of an adult with serious medical issues.

How much life insurance do I need for my kids?
Your objectives for the life insurance policy you purchase for your child will determine the benefit amount you select. A smaller amount of coverage might be appropriate if your main concern is protecting you from the expenses associated with burying a child. Consider final expense planning or adding a child rider to your life insurance policy, for instance.

In a long-term universal or whole-life plan, you might want to select a higher benefit amount if you’re looking for a savings and growth element. A qualified insurance agent can assist you in reaching a decision that satisfies both your needs and your financial constraints.

How to purchase child life insurance.
People can obtain life insurance for their children in one of two ways.

1. Purchase a standalone policy.

Buying a standalone policy is the first option. The premiums and benefits for the policy, or policies, will vary. There are two different kinds of cash-accumulating permanent policies available.

A permanent life insurance policy known as Whole Life offers coverage for the entire term of the policy and guaranteed level premiums. Cash value also has a portion that can increase in value over time.
You can personalize the coverage and premium payments with universal life insurance. This implies that the death benefit may be changed along the way to accommodate your current objectives. The cash value of universal life insurance can increase.

2. Invest in a child rider.

The second option is to include a “rider” on your own life insurance policy to cover your kids’ future financial needs. In exchange for paying a higher premium, a rider enables you to extend or add coverage to a policy.

Riders cannot be carried over into adulthood like a permanent stand-alone policy. Some insurance plans might let you convert riders into a permanent life insurance policy for your kids.


Also Read:


Find more information from the official website of the United States government:



Leave a Reply

Your email address will not be published. Required fields are marked *