Life insurance on children can serve many purposes. At the end of the day, you must decide what reason resonates with you the most. Generally speaking, there are three main reason most people buy whole life insurance for children.
The average traditional burial service can cost upwards of $10,000 (source NFDA). For most American families, that is too hefty a bill to swallow. A child life insurance plan can ensure that should the worst happen that the funeral expenses will not become a financial burden.
Savings For College
Because juvenile life insurance is a whole life policy, it builds cash value. Cash value acts as a behind the scenes savings account that grows tax-deferred every time you make a payment. This account also earns interest. As an adult, your insured children have the right to borrow from this money to use toward college expenses.
Baby life insurance plans all come with the guarantee that as an adult, they can purchase more life insurance without being subjected to underwriting. No matter what their health or lifestyle is later on in life, they are guaranteed to be approved for the additional coverage. While it’s rare young to middle aged adults experience severe health issues, it does sometimes happen. When that happens, the guaranteed insurability is gold.
Start with a free quote
Just put in your state, age of the children and coverage amount to see your quote immediately. You can even run quotes on up to 8 children at once.
Once you’ve selected the quote you want to proceed with, just hit the apply button. Don’t worry, you don’t need to make a payment today. You can choose when your payments start. You’ll be taken into our secure Mutual of Omaha application where you can fill out the entire application less than 2 minutes. Your application is submitted directly to Mutual of Omaha where the policy will be issued within a few
Receive your policy in the mail
Mutual of Omaha will mail you a physical paper policy that you should receive within 2 weeks from the date you submit your application.
Who can buy child life insurance?
Any parent, grandparent, great grandparent, stepparent or legal guardian may purchase a kid’s whole life policy. Also, grandparents and stepparents do not need permission from the children’s immediate mother or father.
How long does it take to apply and receive my policy?
Our online application is simply and easy to use. You can fill out the entire application in less than 5 minutes! Once your application is submitted to Mutual of Omaha and approved, you can expect to receive the actual paper policy via US mail within 10 business days.
Do I have to make a payment today with the application?
Absolutely not! In the application, you can select when you want your payments to be withdrawn. Just know, your first payment must be made within 30 days from the day you submit the application.
I live in one state and the children I want to insure live in another. Which state do I choose?
You must choose the state you live in.
Does infant life insurance have any exclusions?
Yes. All child life policies have a suicide exclusion. If the child were to commit suicide during the first two years, the insurance company would simply refund 100% of the premiums paid into the policy.
What is cash value and how does it work?
Since life insurance on a baby or juvenile is whole life insurance it builds up a small savings account called cash value. Basically, a small portion of every payment you make it set aside into this account. In addition, it earns interest. Overtime, this amount builds up which you can withdraw later in life to help for your child’s college or other expenses.
What if my child has preexisting conditions?
It really depends on the nature of their conditions. If your child was just premature, that in of itself will not be a disqualifying factor. In general, life insurance for babies will not be possible if the child suffers from any sort of disease or disorder that requires ongoing treatment. The two most common examples are down’s syndrome and type 1 diabetes. If your child has either of those conditions, they unfortunately will not qualify. In the end, if you are unsure about their eligibility call us or submit the application with details about their condition, and an underwriter will get back to you.
Is there term baby life insurance?
Unfortunately, no companies offer term life insurance to children. All child life insurance plans are hole life insurance.
Is there a waiting period once the policy issued?
Whole life for kids will never have a waiting period. Your child will either be approved which comes with immediate coverage, or they will be declined.
What is child life insurance?
Life insurance for an infant is merely a small whole life policy that insures the life of a child. If the insured child were to die, the money would be paid tax free to the policy beneficiary. The money can be used for anything. Medical records are not required nor is an exam. The parent, guardian, or grandparent purchases the coverage by answering a few basic health questions.