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The 3 advantages of life insurance for children

Woman with baby looking at mobile phone

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

Some life insurance contracts may offer a guaranteed insurability or guaranteed purchase option (GIO/GPO) for juvenile policies. This rider works by giving your child the option to periodically increase their amount of coverage later in life. With a GPO or GIO, if a child’s health changes later, they still will be able to add life insurance coverage at the same health class they were originally placed in.

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 typically will 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 cash value benefits either you or your child may access during their lifetime for a down payment on a house or other expenses like retirement.2

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 insurance

Whole life insurance offers coverage for their lifetime as long as premiums are paid. It also provides guaranteed cash value growth regardless of market performance.

Universal life insurance

Universal life insurance offers permanent protection as well, but there are more features you may choose to customize, such as flexible payment options.

Variable universal life insurance

Variable universal life insurance is even more flexible than universal life insurance and also includes investment options you may choose from for the potential to build cash value.

Father holding son in air
Father playing with Toddler boy (2 yrs)
Father playing with Toddler boy (2 yrs)

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, you may be eligible for an uninsurable child life insurance benefit. Read more about this benefit for Thrivent clients with membership.

Learn more

A financial advisor can help you

A financial advisor can help you learn more about how insuring your child can be part of your protection plan. They also can review the various options to determine the best life insurance fit for your family.

1 As long as premiums are paid. Future insurability exists with the contract purchased as a juvenile, subject to coverage limitations.

2 Loans and surrenders will decrease the death proceeds and the value available to pay insurance costs which may cause the contract to terminate without value.  Surrenders may generate an income tax liability and charges may apply.  A significant taxable event can occur if a contract terminates with outstanding debt.  Contact your tax advisor for further details.  Loaned values may accumulate at a lower rate than unloaned values.

Monthly deductions include cost of insurance, monthly charges and additional costs associated with optional riders.

Guarantees based on the financial strength and claims paying ability of Thrivent.

If requested, a licensed insurance agent/producer may contact you and financial solutions, including insurance may be solicited.

Life insurance contracts have exclusions, limitations and terms under which the benefits may be reduced, or the contract may be discontinued. For costs and complete details of coverage, contact your licensed insurance agent/producer.

Investing involves risk, including the possible loss of principal. The prospectus and summary prospectuses of the variable universal life contract and underlying investment options contain information on investment objectives, risks, charges and expenses, which investors should read carefully and consider before investing. Available at