There are several benefits of child life insurance plans, including:
1. Low rates for coverage.
2. Rates are lock-in for life.
3. No medical exam required.
4. Builds cash value.
5. Cash value may be available for a loan.
6. Guarantees lifetime life insurance protection.
7. Additional coverage available at age 18 or 21.
8. Cannot be cancelled by insurer due to a change in your child's health.
However, a drawback is that there may be a more affordable way to insure your child's life:
1. May cost less to add your child on your own life insurance policy using a child rider - but your child won't have their own coverage when they are grown up.
Here's how you can learn more about life insurance for children