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Child Life Insurance

Updated on March 12, 2011

Insurance policies are taken to compensate people for loss of one sort or the other. Now this is no different with a child life insurance policy. But what exactly is this type of insurance policy? It is a kind of permanent life insurance that insures the life of a child; otherwise, referred to as a minor. And it is often purchased so as to protect a family against the sudden and unplanned for cost associated with a young one's burial or funeral. It also provides access to inexpensive and guaranteed life-time insurance policy for the insured minor.

This type of policy more often than not offers a defined growth in cash value over time, which is allowed to be withdrawn by the insured if he/she has decided to cash in such policy later on in life (not all carriers allow this). And it is typical of this type of insurance to offer the owner an option to buy, or in some instances get subsequent guaranteed insurance whenever the insured attains maturity. Okay some of the common features that the child life insurance includes: face values of between $5,000 to $50,000; absence of medical examination; etc. 

Although it may not be common to purchase term child life insurance, there are some insurance firms that sell term life insurance for minors, which does not guarantee future ability to be insured. In addition, this type of insurance policy gives you nothing to take home at the end of such insurance policy, besides providing you money for a child's funeral or compensating you for related losses. Most often, term life means you cannot borrow money against it since you are not getting any money at its expiration.

It is no wonder why term policies have discounted premiums when compared to whole life insurance policies. If you wonder why any parent would opt for this type of policy for their children one reason might be parents need for the financial assistance provided from such policy after unexpected costs for their child or children as the case may be. Since premiums for this type of insurance policy is generally low, it may be worth it at the end of the day.

Finally, it is important to state this last point. Just like any other type of insurance policy, it is vitally important to research different policies thoroughly before choosing the insurance provider you engage. Obtain quotes and check on the financial ability of the insurance firms to deliver on their promises, among others.  


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  • profile image

    stave olion 

    6 years ago

    Excellent post! I really love how it is easy on my eyes and the facts are well written. I have subscribed myself for latest blog posts.Child Life Insurance

  • profile image

    Aussie Insurance 

    7 years ago

    This is such a great topic since there are so many people who don't understand the value of life insurance for children. One thing that I would add is that some parents use this as a way to invest in their child's college education. The life insurance policy is there to protect the child throughout his or her childhood but can then be cashed out when it comes time for the child to go to college. There are some tax benefits to doing this so it's something to consider. Great article!


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