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Child Life Insurance

Child Life Insurance

Life insurance plans provide facilities by which a family can obtain a big financial help in the event of the insured's death. One can also think of purchasing a child life insurance policy to protect his/her children from any potential losses. Before considering this option, one should also make a systematic investigation about that particular child life insurance policy.

For the reason that life insurance is a beneficial option for compensating lost income of the insured in the event of his/her death, the necessity for child life insurance is subject to disagreement and debate. The truth is that children do not earn money. On the contrary, some argue that a family needs to obtain coverage to compensate related post-death expenses like medical cost, burial costs etc in the event of child's death.

Major Child Life Insurance Plans

A good number of child life insurance plans are available in the market. Some of the major child life insurance plans include Gerber's Globe Young American Plan and Grow-Up Plan. Both of these plans are popular for children. Some of the major features of these plans are described below:

Young American Plan
  • Life insurance policy covers the entire life of the child
  • The cost of premium is set based on the age of the child and it remains fixed throughout the child's life
  • One needs to pay only $1 as premium for the first three months. It is applicable for $10,000, $15,000, $5,000, $20,000 or $25,000 of coverage
  • To get the policy, one doesn't need to sit for any exam but only to fill up an online application form
  • One doesn't need to wait for a long time for getting the policy
Grow-Up Plan
  • Very low premiums
  • Premiums are fixed throughout the life of the policy
  • Coverage available include $15,000, $5,000, $20,000, $25,000, $30,000 and $10,000
  • When the child reaches the age 21, the coverage amount will be doubled
  • When the child reaches the age 21, he/she will be liable to purchase additional coverage

Child Life Insurance Policy Options

In addition to obtaining a policy for his/her child, one can also opt for “child death benefit”. This can be a beneficial option as it costs only $5 (per month) more. It also provides coverage of $10,000 against each of the child. This implies the fact that once the child (or children) becomes an adult, this coverage amount can be converted as their own policy.


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