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What Is Juvenile Life Insurance?

There’s no doubt that every adult should have some form of life insurance. What kind of life insurances, and how much coverage is based on your personal situation. You might need $100,000 in term coverage to protect against a mortgage balance in the event of your premature death, or you might buy a small $15,000 policy to pay for funeral expenses. However, many people overlook purchasing life insurance to cover their children. One of the main reasons is because of the stigma attached life insurance. Life insurance is viewed simply as death insurance, and therefore many parents don’t want to think about it. However, it is a good idea to consider purchasing a life insurance policy on your children.

There many options for children, options even more diverse than for adults. Many companies offer life insurance tailored specifically to the needs of children. Many of these policies carry the name juvenile life insurance. However, you do not need to purchase a juvenile life insurance, as many companies offer regular life insurance even at younger ages. You could purchase a life insurance policy which will pay in the event of the death of a child, however when the child reaches 21 years of age, the policy will endow to the child a specific amount of money. You could for example, purchase a policy that will endow $10,000 to your child when they reach 21 years of age.

Purchasing a life insurance policy for child can serve many purposes. If you purchase a regular life insurance policy, doing so would guarantee insurability into the future. This way if the child chooses to continue to pay the premiums when they reach adulthood, they would be paying a lower premium, as the policy was purchased at a younger age. Guaranteeing insurability is paramount in any life or health insurance product. Insurability is whether or not that person is healthy enough to qualify to purchase the policy. If you purchase a traditional whole life policy for your child, regardless of their health in the future, the policy cannot be taken away as long as the premiums are paid. Another reason for purchasing a life insurance policy for child is for savings reasons. Assuming the child survives to adulthood, the policy will endow a set face value that can be used for college expenses or other needs of the child.

There many companies out there which offer life insurance specifically for children. I encourage everyone who has a child to look into these types of policies. Purchasing such a policy will offer peace of mind, and financial security. You can even buy more than one life insurances depending on various factors. You can talk about this with you advisor as well.


Richard Edwards is the head writer at Doodle Bug Web Designs. He has been writing for just five years and he already has an impressive audience.