What Is Children’s Life Insurance?
Children’s life insurance can be purchased two different ways: through your term life or whole life insurance. A certain amount of your money for both policies can be extended to your child. That way once the child is old enough, they can become the policy owner. Many find having life insurance for children is very beneficial because it locks in a child’s ability to qualify for more life insurance later. It also provides much needed savings and fundings for expenses later on down the road.
Benefits of Children’s Life Insurance
- Builds cash value
- Guarantees coverage for life
- Locks in affordable premium