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Children's Whole Life Insurance covers the life of a minor and is typically purchased by a parent or grandparent.

These policies are whole life products, a type of permanent life insurance, which last for the child’s entire life, as long as the premiums are paid. 


Coverage amounts tend to be low and premiums are locked in; meaning they won’t go up as the child ages.


Children’s Whole Life insurance also builds cash value which is a nice investment component; a portion of the premium is paid into the account, which grows over time.


At certain ages, usually around 18 or 21, the child can take ownership of the policy and continue coverage, buy more, or cancel the policy altogether.

Juveniles covered through a term rider on their parents’ policies may also have an opportunity, upon reaching adulthood, to convert that term coverage to permanent coverage without going through underwriting; and since it is unnecessary to go through that process again as an adult, this means that the insured can purchase additional coverage without completing a medical exam.

Over the long run, purchasing coverage at a younger age can…

Lock in Insurability-When a person is insured from birth, certain health conditions can make it expensive to obtain life insurance. But by getting a policy as a young person, you can keep your rate low. The earlier in life you get life insurance, the cheaper it’s going to be for you as you get older.

Helps with saving for future expenses- In most cases tragedy is rare, and most families never need to tap into their child’s life insurance policies which means that parents can use their children’s whole life insurance policies to build money when the child becomes an adult and needs to pay for life events such as college tuition, or a wedding, car or home.

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