There’s so much to think about when your family is growing. Whether you’re a new parent through birth, adoption or marriage, the what-ifs may fill your mind and keep you up at night. Are you doing everything you can to protect your child—and what if there’s more you could do?
Car seats, outlet covers, corner bumpers and training wheels are just a few ways parents safeguard their young children. You may want to add juvenile life insurance to the list.
Life insurance is one decision most new parents don’t want to think about. And we get it. But you may not realize there is so much more to life insurance than the death benefit it provides. It can help protect your child’s future in a variety of other ways too.
What are the advantages of juvenile life insurance?
There are three main advantages to buying life insurance for your children: guaranteed coverage, locking in low premiums and access to the cash value for the future.
1. Guaranteed coverage even if health changes occur.
You just don’t know whether your child will develop health conditions that prevent them from qualifying for coverage in the future. An unexpected medical condition or disability can make life insurance much more costly later in life. With guaranteed future insurability, your child will be protected, regardless of future health.1
Of course, life insurance is just one part of your family’s financial plan. Use our
2. Lock in low premiums.
Life insurance rates are most affordable when your kids are young, even newborns. Buying coverage now may allow you to lock in a lower premium for the life of the contract.
Decide if the right time is:
- At birth. You will typically find the lowest premium available.
- Before age 18. Purchasing life insurance before this milestone may add security if a child develops a serious illness or becomes ineligible for coverage later in life.
3. Cash value provides the potential to help fund future opportunities
The three types of permanent life insurance you can choose from for juvenile coverage offer potential
Choose the type of insurance that fits your family
Your need for life insurance is as unique as your family circumstances. Depending on your goals for the coverage, you may choose from:
Whole life insuranceoffers coverage for their lifetime as long as premiums are paid. It also provides guaranteed cash value growth regardless of market performance.
Universal life insuranceoffers permanent protection as well, but there are more features you may choose to customize, such as flexible payment options.
Variable universal life insuranceis even more flexible than universal life insurance and also includes investment options you may choose from for the potential to build cash value.
Uninsurable child life insurance
If your young child has already been diagnosed with a health condition that would prevent them from qualifying for life insurance either now or in the future, you may be eligible for an
A financial advisor can help you