Although a difficult decision, buying life insurance for children with an option to buy more insurance at a later age, can sometimes make sense.  This could provide protection should a child require additional insurance later on, or become uninsurable due to some unforeseen event.

These needs would be best served by buying low-cost term insurance for the appropriate number of years.  Your employer may even offer inexpensive term coverage for dependents.  It is also important to keep in mind, purchasing a policy while your child is healthy can also guarantee that your child will be protected throughout adulthood, even if he or she becomes ill, works in a hazardous occupation, engages in dangerous activities, or becomes uninsurable for other reasons.

However, if that is not your intention, and you are concerned mainly about expenses in the unfortunate event that something happens to your child and you are put in the painful position of having to pay the cost of funeral and burial expenses, you might elect to purchase a child insurance rider under your own life insurance policy.  Many insurance companies offer riders for usually a maximum of $20,000 on all covered children.

The child’s coverage begins from 15 days old to usually 18 years. Coverage continues until the child reaches the age of 21 (this age varies depending on the insurance carrier) or the insured reaches the age of 65 (which ever comes first). The purpose of this rider is to cover the cost of funeral and burial. The rider provides a small amount of term insurance with relatively little underwriting.

Some parents may also buy term insurance policies on their children to cover the time period when they are paying for their children to attend college or graduate school. If a child dies during this period, the death benefit can be used to help pay off college debt.

To find out if buying life insurance for your child makes sense in your situation, be sure to talk to a trusted insurance advisor.  You can review all of your options by calling Jeff Pennington today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.