Juvenile Life Insurance
Buying a home? Becoming a parent? Saving for college?
Life changes may prompt you to reevaluate your life insurance needs.
Term life insurance can be an affordable way to help you support your loved ones' future.
Parenthood - it changes your life and it changes your perspective.
Growing a family is a wonderful experience filled with love, joy, and often times, a little worry for your child's wellbeing and future. Planning now can help ease concerns so you can enjoy day-to-day living.
Many parents and grandparents purchase coverage for children to help support future financial needs or supplement education funding.
What is juvenile life insurance?
Juvenile life insurance is a permanent policy purchased for a minor child by a parent, grandparent, or guardian. These policies are a type of permanent life insurance that lasts for your child's lifetime and pays out a death benefit at any age as long as sufficient premiums are paid.
What are the benefits of juvenile life insurance?
No parent wants to think about needing juvenile life insurance, but this type of coverage offers more than a death benefit in the event of the worst-case scenario. Below are some of the benefits:
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Guaranteed insurability - As long as premiums are paid and contract retains its value, juvenile life guarantees coverage for life. That may not seem like a big deal when your child is young and healthy, However, as people age, life insurance becomes more expensive. In addition, those who have pre-existing conditions or get sick may find it more challenging to get coverage. This type of policy can ensure your child will have some form of life insurance regardless of health changes later in life.
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Lock in rates for a lifetime - The policy cost stays the same throughout the rest of your child's life. So, when they are 65 years old, the premium will be the same as it is right now while they're young. In addition, your child doesn't have to undergo any medical exams, as with many other types of coverage. Gives that coverage is guaranteed as they age, they won't have to take any exams later on in life to keep the policy going.
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Build cash value - The cash value component provides another benefit to juvenile life policies. It is a conservative investment that can, over time, supplement retirement income or become part of your child's overall financial portfolio. In addition, once cash begins accumulating, your child can tap into these funds if needed.
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Guaranteed death benefit - Income-tax free death benefit as long as sufficient premiums are paid