Child life insurance covers a child's life, either as its own policy or as a rider on a parent's policy. A child rider adds term coverage for your kids to your own policy.
Who it fits
Parents or guardians who want some coverage on a child, often added to their own policy.
- Who buys it
- Parents and grandparents
- Medical exam
- SometimesDepends on age, amount and company
- Ages
- A child rider usually starts at 14 days old and ends at age 21 or 25 (Texas).
What to know before you buy
A children's rider adds term life for your kids. Most companies require the child to be at least 14 days old.
Coverage on a child rider usually lasts until the child turns 21 or 25.
In Washington, usually only parents or legal guardians can insure a child under 17. Others, like grandparents, need written consent from a parent.
In Washington, children 15 or older must sign the application.
Companies can refuse if the amount is above their limit for children. They also compare it to coverage on siblings.
The NAIC says to think about covering both parents, even a stay at home parent, because the family relies on them.
Common questions
Who can buy life insurance on my child?
In Washington, usually only parents or legal guardians for kids under 17. A grandparent needs written consent from a parent.
How old does my baby need to be?
For a child rider, most companies require at least 14 days old.
Should I name my child as a beneficiary on my policy?
You can. The NAIC says if your kids are under 18, name a trustee to manage the money until they are adults.
Is there a limit on how much I can buy?
Yes. Companies set a top limit for children. New York also limits juvenile coverage by the child's age.
