juvenile insurance is for children usually 18 or younger. It is a great insurance with many perks like automatically over a certain amount of years go up and depending on the carrier and state the application is written in. It can automatically go up in face amount without requiring a medical or be underwritten and generally very inexpensive and because we never know when our last day may be it is definitely something to invest in and generally have little or no medical questions however it will depend on the carrier and or state the application is written in.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Juvenile life insurance is life insurance policies set up for minors under age 18. Typically there is no medical exam requirement (the carrier would ask for a completed "Part 2" instead - Part 2 is the health questions).
Many times parents set up small whole life insurance policies for them that feature a guaranteed insurability rider that allows them to increase the face amount by a certain amount every several years (typically beginning at age 25 - the increase is typically allowed to be done 8 times) with no new evidence of insurability.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
This is a really timely question as I happen to be working on a case right now. The situation is this: a young girl 12 years old has several medical conditions. Her family has been through a tough time and fortunately, she is stable and relatively healthy. But of course, these things may get worse in time.
Her parents are very forward thinking and know the essential role life insurance plays in one’s financial portfolio. They are rightfully concerned that their daughter’s medical condition may prohibit her from getting coverage later, or may cost her a lot of money in extra premium. They therefore want to take a policy out on her now so she can have coverage as she enters adulthood.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Juvenile life insurance is life insurance on the life of a young person. These are often issued on very young children. There is little underwriting required and the amount of coverage is generally low, however, we are seeing a growing trend among some ethnic groups to purchase substantial life insurance on children to defray the cost of the funeral of the child regardless of when it occurs. Parents often realize the cost of waiting until they are older and have medical issues that make life insurance expensive and difficult to obtain.
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Many times parents set up small whole life insurance policies for them that feature a guaranteed insurability rider that allows them to increase the face amount by a certain amount every several years (typically beginning at age 25 - the increase is typically allowed to be done 8 times) with no new evidence of insurability.
Her parents are very forward thinking and know the essential role life insurance plays in one’s financial portfolio. They are rightfully concerned that their daughter’s medical condition may prohibit her from getting coverage later, or may cost her a lot of money in extra premium. They therefore want to take a policy out on her now so she can have coverage as she enters adulthood.
A smart move, don’t you think?