Child Life Insurance

[Golddoor]

I have a client that wants to cover her 11 year old daughter with a term or whole life policy. I have never wrote a policy on just a kid, just riders. Im with AIG and Genworth and need to find something to get the daughter covered on?

 

[Sam]

Many companies will go up to 500k without any paramed for an under 16-18, but you need to justify the amount, the larger it gets. Both of those companies will have comparable plans that would work.

 

[agent007]

Well I would assume that you would write the child up and make the parent the owner of the policy. Got to justify as to why the coverage for a minor.

 

[aufan]

A lot of companies have simplified issue whole life policies for children usually with face amounts of $10,000 or $20,000.

Also, can consider writing a Universal life for face amounts of $25,000 to $50,000.

There are a number of reasons to insure the life of a child; burial costs, replacement income for the parents while unable to work because of the grief of losing a child or paying for another child's college education or just a few of the reasons to insure the child.