Costs vary depending on the type of policy applied for as well as which riders are chosen. Obviously, the amount of coverage also plays a role in the premium.
In some cases, parents may be able to insure their children with a child rider attached to the parent's policy for a very low cost ( a couple of dollars a month), but as with anything, there are trade-offs.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How much is life insurance for kids? As few as a couple dollars a month upward. A parent can spend a few dollars a month and have a child rider attached to their policy and provide a small term policy for their child. Or a parent could spend a bit more and purchase a whole life or other cash value policy and create the first building block in a financial plan for their children.
A big thing to consider with a child's policy is buying the future insurability option. What this does very simply, is take away an insurance company's ability to say "no" to your child later on in life if they wish to purchase additional life insurance. You may need to think about that one but how often can you think of any situation where you can take away an insurance company's ability to say "no" to you? The future insurability option LOCKS in a "yes" several times through your child's life for a very small amount of premium.
President, Lane Independent Agency, Southern California
Life insurance for children is the lowest it will ever be. The younger the child, the lower the rate, and that is the best time to start an education policy, or even retirement policy for that child, not just death benefits. You would want a policy with full living benefits, like offered by Premier Financial Alliance. It allows the child to take money from the policy for school, marriage, a new house, or retirement, or also for chronic, critical or terminal illness. See your agent. GARY LANE. garylane@cox.net. 714 422 9616. Thank you.
Robert J Russell - Finalist for Broker of the Year 2015
Broker Owner, InsuranceAgentsSelling.com, United States (Most States)
The price depends on how much coverage, state and whether the child is male or female. Remember that if you are buying a Universal Life policy, you will probably want to accumulate cash as soon as possible so that you have a college fund already planned out. Got a Question for me - let me know :)
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In some cases, parents may be able to insure their children with a child rider attached to the parent's policy for a very low cost ( a couple of dollars a month), but as with anything, there are trade-offs.
A big thing to consider with a child's policy is buying the future insurability option. What this does very simply, is take away an insurance company's ability to say "no" to your child later on in life if they wish to purchase additional life insurance. You may need to think about that one but how often can you think of any situation where you can take away an insurance company's ability to say "no" to you? The future insurability option LOCKS in a "yes" several times through your child's life for a very small amount of premium.