A Guide to Buy the Right Whole Life Insurance for Children
A children’s life insurance plan ensures your child’s future and dreams are taken care of even with you not being around. Life insurance gives you a head start to begin the financial planning process for your children or grandchildren.
There are several insurers available in the market today that offer children life insurance plans. Depending on the insurer you choose, the policy type, premium amount, age limit, and coverage will differ. For example, according to Globe Life reviews by Gary P. Cubeta from Insurance for Final Expense, new applicants’ age limit may range from 0 to 24 years, which is significantly higher compared to other insurers.
What Should You Know About Life Insurance for Children?
The majority of the insurance offered for children is whole life insurance. It ensures the policy never expires as long as the premiums are paid. The child is the insured party in the policy, but the parent or the grandparent is the policyholder. The policy can be transferred to the child when they become adult and are ready to take over premium payments.
Here are some aspects you should know about life insurance for children:
No Medical Examination Required
As in the case of the adult life insurance policy, children do not have to go through any medical examination at the time of purchase to be the insured party in the policy. The child will not have to undergo any medical examination in the future as well. You are ensuring insurability for your child at an early age, even in the case of them developing a health condition later in life.
Applicant Age Range
The age range for children is dependent on the insurance policies offered by the insurer. The average age cap for children’s policies is around 17 years. Some insurers cap age at as lows as 14 years, while some offer a children’s policy to be taken up to 24 years.
Low Premium Rates
Buying whole life insurance for your newborn child will surely result in low premium rates compared to buying a life insurance policy at the age of 16. The premium rates will keep increasing as and when your child grows. You will be paying premiums for an extended term with whole life insurance, but locking in low premium rates at an earlier stage will result in long-term savings. For example, according to Global Life reviews by Gary P. Cubeta from Insurance for Final Expense, monthly premium amount for coverage of $30,000 can be as low as $10.47
When buying whole life insurance, a part of the premium amount will be allocated to building up the cash value. Even with low premium rates, you have significantly more years to build cash value.
The process of applying for whole life insurance for a child is straightforward. As there are no medical exams required, the policy can be issued online within minutes. When buying a life insurance policy for a child, do compare insurers on the factors mentioned above. You could explore Global Life reviews for more information on coverage and premium rates; according to a study, they are among the top life insurance providers in the US regarding customer satisfaction.
Sudarsan Chakraborty is a professional Blogger and blog writer. He lives and breathes in the blogging industry. He regularly writes on Widetopics to keep all the readers updated with the latest facts on wide range of topics.