Life Insurance for Children
Give them the gift of life insurance.
By purchasing a policy today and giving it to them later, it can be an easy and affordable way to give a child a head start in life. There are many things to consider when purchasing life insurance for a child. We’ve got some basic information to get you started.
How Life Insurance Can Benefit Your Child
Get an early start
Getting insured at a young age guarantees being insured as an adult, even if serious medical problems arise later in life.
Save on premiums
The younger a person is when a life insurance policy is purchased, the less the monthly premiums will be.
Build cash value
If you purchase a permanent life insurance policy that builds cash value, the cash value may be used for things like a first car, college education or down payment on a first home.
A life policy on your child could also be used to help you with funeral expenses if needed, in case something unexpected happens to them.
Is it Right for My Family?
Getting life insurance for a child can be a great way to provide peace of mind both now and in the future.
What kind of policy and how much you need will depend on your personal situation. Before purchasing life insurance for a child though, we do recommend making sure you have enough insurance for yourself to help assure your spouse and children will be provided for if something happens to you.
What are my options?
We don't offer term life insurance policies to children under the age of 15, but we do offer the option of adding a Child Term Rider to a parent's term, whole or universal life policy at an added premium cost.
With this option, you can provide up to $25,000 of term life insurance for all of your children ages 0-17. (Coverage limit is $5,000 for children under 180 days old.) Each child’s coverage expires at age 23, or at the termination of the parent’s policy, whichever comes first. Each child can convert the coverage up to the same amount of permanent life insurance prior to age 23, without a medical exam.
With whole life, you can buy a policy on your child now and give it to them later. This can provide your child with their own life insurance policy they'll have for the rest of their life, as long as premiums are paid. There's no minimum age requirement like with term life.
Over time, cash value builds in the policy, in addition to the death benefit. You can pay the same premium for life, or you can choose to have a paid-up policy in 20 years, at age 65 or even in one lump sum.
Like whole life, universal life provides permanent coverage for life – and the policy can build cash value over time, in addition to the death benefit. It also doesn't have a minimum age requirement. The biggest differences are that universal life allows you to adjust your coverage amount, and you can change the amount and frequency of premium payments.
Take the Next Step Now
We can help you figure out how much life insurance is appropriate for your situation and what type of coverage makes sense. Get in touch with a local COUNTRY Financial representative today.
Policies issued by COUNTRY Life Insurance Company® or COUNTRY Investors Life Assurance Company®, Bloomington, IL.
The information and descriptions contained here are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services. The precise insurance coverage under any COUNTRY Life insurance product is subject to the terms, conditions and exclusions in the actual policies as issued. Products and services described in this website vary from state to state and not all products, coverages or services are available in all states.
Policy form numbers
Term Policy: ICC13(RCT)
Child Term Rider: ICC13(CR5000)
Whole Life Policy: ICC13(WL)
Single Premium Whole Life: ICC13(WLSP)
Universal Life Accumulator Policy: in ID, UL(ID13); in OK, UL(OK13); in OR, UL(OR13); in TN, UL(TN13)
Universal Life Protector Policy: in ID, ULPRO(ID13); in OK, ULPRO(OK13); in OR, ULPRO(OR13); in TN, ULPRO(TN13)
Survivorship Universal Life Protector Policy: in ID, SULPRO(ID13); in OK, SULPRO(OK13); in OR, SULPRO(OR13); in TN, SULPRO(TN13)