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Life Insurance for Children today is a plan for their tomorrow

April 9, 2019Insurance

By Marta LoFranco

Many years ago, when I was approached to consider life insurance for my own four children who are now grown, I admit that I did not understand why it was so important. It felt like something I shouldn’t even speak of and yet today, as the grandmother of two young girls who are uninsurable due to illnesses, I now understand why it’s foundational for a child’s financial future.

My sweet granddaughter, Olivia is a 12-year-old girl who is full of personality and joy in spite of the fact that each day she lives with the challenging task of managing juvenile diabetes. But Olivia is a trooper who is diligent about watching what she eats, testing her sugars and giving herself insulin. This is a hard road for her and something that she will carry throughout her lifetime. Thankfully, before Olivia was diagnosed with Diabetes, my daughter and son-in-law had purchased a children’s insurance rider as an additional benefit on their life insurance. This children’s rider will give Olivia the option to purchase life insurance as an adult, without any medical questions asked. Without this children’s insurance rider, Olivia would have a difficult time trying to get life insurance because many companies would now consider her to be uninsurable.

5 reasons why insuring children is a wise choice:

1. Financial Foundation
  • Purchasing life insurance on a child ensures they have coverage as an adult regardless of how their health might change.
  • The Guaranteed Purchase Option rider guarantees that a child will be able to purchase additional insurance as an adult, without medical underwriting.
Lifetime Of Value
  • A participating whole life policy combines insurance and guaranteed tax-advantaged cash value1.
  • Dividends paid to policyholders offer flexibility in managing the policy and can provide significant growth2 in both the insurance amount and cash value.
Lifetime Guarantee
  • Life insurance is one of the only products available that offers a lifetime guarantee.
  • With a guaranteed premium, cash value and insurance amount, life insurance is a unique asset for children.
Cost Effective
  • Life insurance for children is affordable and you can buy a plan where the cost remains the same throughout their lifetime.
  • Buying insurance early in life will cost less and provide children with protection sooner than later.
Easy To Get
  • Life insurance is usually easy to get for children, as people are generally healthier when they are young.
  • As an adult, insurance could become more difficult to obtain due to poor health, a high-risk occupation or participation in hazardous activities including extreme sports.

Life insurance for children costs less than you might think and it can become the foundation of a solid financial plan for them later in life. If you are seeking financial protection for your family, one of our Financial Representatives would be happy to meet with you to review your life insurance needs.


1 Cash value may be accessed by a withdrawal, policy loan or surrender. Taxation may apply and a tax slip will be issued as appropriate.
2 Dividends are not guaranteed and will vary upward or downward based on investment returns, mortality, lapses, expenses, and other experience.