Your first reaction might be; why do I need child term life insurance rates? Why do I need to bother at all with child life insurance?
Good question. The easy answer is that it might be better to think of child life as a gift to the child. Some of the better gifts are ones where there is a long time to invest in them. In this case a life policy can do many things for the child. Even offering funds if the child would wish to close the policy and take the money to pay for things like college expenses. Either way, you offer them something that has more value than do many other gifts.
The other benefit is that one of the obvious nature. If a child were to pass away (none of us want to think about this) The life policy offers a way to pay for expenses. During a time of such loss its hard to imagine having to deal with financial troubles too.
Because life insurance is so cheap when a person is young you can get a nice whole life or term life policy for a child and the cost is nearly free. The cost is so low in most cases that you aren’t likely to even notice the annual expense. You probably spend much, much more on coffee alone.
Term life policies that become Whole Life
Gerber life and Aflac both offer policies that begin as term life policies. At the age of 25 the policy converts into a whole life policy. At the age of 77 the policy matures and pays the benefit if the insured person (who was the child) is still alive.
These policies are great. They have the benefit for starting out as a low rate term policy, then convert to whole life and are an asset the child can keep for most of their lifetime.
Gerber Life has very good customer response numbers too, so they have shown that they care about the person, family and individual who need a policy.
The benefit to the parent or person who buys them is that they make a nice gift when the child turns 25. When I was actively selling life insurance I had lots of clients buy these for kids with he plan of giving them to their kids when they were old enough to appreciate them. (read; young adult)
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