Child Life Insurance

The subject of death is a touchy one for most people. They don't want die and leave their loved ones with a struggle to survive on their own. The best way to plan for this is to purchase a life insurance policy so that your loved ones aren't burdened with your financial responsibilities.

The smart thing to do is to purchase life insurance so that your family is taken care of financially after your death. However, some people also like to get life insurance policies for their children. This is something you that you might have already considered, but take your time and be smart about it.

Make sure that you look at all types of life insurance policies and their alternates. Your child's safety is a huge priority. Do a little research before purchasing life insurance for your children. The policy should be a necessity that provides some type of overall benefit for your family.

There are those who think that it's crazy to buy life insurance policies for children. They assume that just because most children do not earn an income, it is a waste to purchase life insurance policies for them. After all, a child doesn't have anyone depending on him for income.

However, life insurance is there for the insured as well. It's not just for beneficiaries. Do you know how much the average funeral costs these days? They are quite expensive. Although you never want anything to happen to your child, many people think that you should purchase children's life insurance just in case anything does happen. You might need it to pay for a funeral or medical bills.

Available Life Insurance Plans for Children

There are plenty of good life insurance plans for children, such as the Globe Young American Plan or the Gerber Grow-up Plan.

Gerber's Grow-Up Plan:

• Purchase a full coverage child life insurance plan for as little as $5,000
• Add additional coverage in increments of $5,000 all the way up to $30,000
• Pay low premiums that stay the same for the life of the policy
• Your child can sign up for double coverage once he reaches the age of 21, however, he won't be forced to pay a higher premium.
• Policy increases in cash value, but your child must continue paying the premiums.

Globe’s Young American Plan:

• You are only required to pay one dollar for the first three months if you purchase a plan that has $5,000 to $25,000 worth of coverage
• This will always be a whole life insurance policy
• Premiums will not change; premium rates are based upon your child's age
• Your child will not have to undergo a physical examination; all you have to do is fill out an online application
• You don't have to wait for the coverage to begin; coverage begins once the application is completed

Other Types of Life Insurance for Children

As opposed to purchasing a life insurance for your child, there is the option of getting a child death benefit added to your original life insurance policy. This is a very good option because you will only have to pay five dollars more each month, but you will receive $10,000 of coverage for each of your children.

Insurance with a rider such as this usually means that it can be changed to a policy that your child controls once he reaches the age of 21. Now is the time to ensure that you child is well taken care of in life.

Do your homework and look into different types of insurance policies. A lot of parents like to get term life insurance policies since they are cheaper than other types of policies. However, just like other things in life, inexpensive options are not always the best ones.

Research various insurance policies and compare quotes. Make sure that you understand all of the terms and the fine print. No one ever wants to think about having to use child life insurance, but it gives you peace of mind if something bad happens.