Category: Growing Families checklist

Swaddle Your Baby With Life Insurance

Some people overlook the value of purchasing life insurance for their children.

Once a baby enters your life, you do everything you can to protect the child’s well-being. One item you shouldn’t overlook? Life insurance. This financial safety net is purchased to help take care of your family in case you or your spouse should pass while you’re still supporting your children. Therefore, it’s paramount that both of you are insured in case the unexpected should occur.

After you’ve secured your own policies, you may consider providing coverage for your child with his or her own policy. Here’s a closer look as to why this additional step may make sense for you.

1. You Can Add It to Your Existing Policy

One way to establish coverage for your child is purchasing a rider on a parent’s policy. The rider usually can be added for amounts between $1,000 and $10,000. Once your child turns 18 the policy typically ends, but in many cases may be converted to permanent coverage for your child, sometimes without the need for a medical exam. This is a way to help assure your child will have the beginning of a solid financial foundation entering adulthood.

2. It Provides Sound Financial Footing

Permanent, or “whole,” life insurance is a policy that is just what it sounds like – it stays with you your whole life. Not only does this policy offer a steady foundation for a newborn, it also typically builds cash value that grows tax-deferred and can be borrowed against.

3. It Locks In Your Child’s Ability to Qualify for Insurance

Protecting future insurability is a big reason to get coverage for your child. If you purchase coverage while your child is young and healthy, that can help ensure that they have coverage later in life, regardless of any changes in health. This can be especially beneficial as you and your child face large expenses down the road, such as paying for college or buying a house. With life insurance, they can have peace of mind that there is financial protection for the loved ones who depend on them.

Buying life insurance for you and your spouse should come before anything else. But if you’re looking to help set a solid foundation for your child’s financial future, purchasing a permanent policy or rider can help.


ALIC42719 (exp. 3/20)

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