Parents have an insurable interest on their kids so they may buy life insurance on them.
Many parents purchase child life insurance plans for their children for the following benefits:
- Builds cash value inside the policy over time from which a loan may be taken in the future.
- Your child may have the option of adding life insurance coverage to the policy as an adult, without having to take a health exam or prove insurability.
- Rates for coverage are locked-in and remain the same for the life of the policy.
- Guarantees future insurability of your child regardless of your child's future health or occupation.
Some child life insurance plans are very affordable starting for just a couple of dollars per month. Learn more about buying child life insurance coverage.