As a parent, you have a lot on your plate. You want to watch your kids grow and thrive while protecting them and their future. One way to do that is through life insurance—for both you and your children.
No parent wants to think about needing
What is a juvenile life insurance policy?
Juvenile life insurance, or child life insurance, is a permanent policy purchased for a minor child (under the age of 18) by a parent, grandparent or guardian.
"In most cases, a child has very few health concerns from an underwriting perspective," says Kevin Foseid, life product consultant at Thrivent. "You can lock in their good health at a young age."
Depending on your needs, there are a few different policy options to explore for children including whole life, universal life and variable universal life. These policies are all considered types of
Whole life insurance
Universal life insurance
Variable universal life insurance
Why are juvenile life insurance policies often whole life insurance?
Many child life insurance policies are whole life insurance policies. That's because whole life insurance provides coverage for life as long as the premiums are paid. Additionally, the rates are typically affordable because they are tied to the child's age and health status, and they're locked-in at the time of purchase.
Another benefit of whole life insurance is it builds cash value paid through your premium. Your premium is spread across three areas:
- A portion to the death benefit
- A portion to administration and fees
- A portion to your policy's cash value
The insurance company takes this cash value amount and puts it into a conservative investment vehicle, so it has the potential to grow over time.

Explore Thrivent's juvenile life insurance options
What are the benefits of juvenile life insurance?
Key benefits like lifelong coverage, locked-in rates, and cash value make whole life insurance for children an attractive option.
Juvenile life insurance can offer coverage for life.
As long as premiums are paid and the contract retains its value, juvenile life insurance guarantees coverage for life. That may not seem like a big deal when your child is young and healthy. However, as people age, life insurance generally becomes more expensive. In addition, those who have pre-existing conditions or get sick may find it more challenging to get coverage. Then if they do, their premiums are typically more costly. So, this type of policy can ensure your child will have some form of life insurance regardless of their health later in life.
"An added feature allows you or the child to purchase more life insurance coverage at set times in their lives, increasing the amount of coverage they have without going through an underwriting process again in the future when their health may not be as good," Foseid says.
Cost of the policy stays the same.
The policy cost stays the same throughout the rest of your child's life. So, when they are 65 years old, the premium will be the same as it is right now while they're young. In addition, as said earlier, your child doesn't have to undergo any medical exams, as with many other types of coverage. Given that coverage is guaranteed as they age, they won't have to take any exams as they get older to keep this policy going.
"Age is one of many factors involved in establishing the price of life insurance; the younger you are at the start of the policy, the lower the required premium will be," Foseid says.
Cash value component is a benefit.
The cash value component provides another benefit to whole life insurance policies. It is a conservative investment that can, over time,
Age is one of many factors involved in establishing the price of life insurance; the younger you are at the start of the policy, the lower the required premium will be.
The Early Advantage: Juvenile Life Insurance Benefits
Early life insurance enrollment gives your child significant financial head start
Attribute | Benefits | Milestones |
---|---|---|
Lower Premiums
Starting early locks in lower rates
|
60%
Premium Savings
|
Age 10 Start
Lifetime savings: $25K+
|
Higher Cash Value
Compound growth advantage
|
$60K+
Extra Value
|
Adult Conversion
Cash available: $15K
|
Time Advantage
Earlier start, better outcomes
|
40+
Years Head Start
|
Peak Advantage
15+ years compound growth
|
Guaranteed Insurability
Health-independent coverage
|
100%
Coverage Guarantee
|
Retirement Benefits
Cash value: $98K+
|