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Life Insurance for Children

When you're a new parent, life insurance is probably the last thing on your mind. Between nightly feedings, constant diaper changes, and finding that new routine, it can be exhausting. I know, I've been there! But, it's never too early to start planning for your little one's future.

The focus in this article isn't just on saving for school through registered education savings plans, I'm talking about life insurance. While thinking about life insurance might be uncomfortable, understanding your options and what's available to you and your family is essential.

A life insurance policy for children isn’t only about the worst case scenario. Lifelong benefits can come from the right insurance policy. In addition to providing financial protection in the event of an untimely death, life insurance can also safeguard your children's health and finances.

What Are The Options?

In the case of term life insurance, the coverage is limited to a certain number of years and the death benefit lasts for a certain period of time, whereas permanent life insurance costs slightly more, it provides lifelong coverage. Your permanent life insurance policy may also accumulate extra funds that can be used for post-secondary education or a down payment on a home for your child. These policies build cash value and typically offer investment options. Depending on the type of insurance policy, you’ll have more years to grow the policy’s cash value and collect dividends.

Children's policies are usually convertible later in life most often without a medical exam, which is one of the biggest advantages of insuring them. Despite the fact that life insurance premiums rise with age, insuring your child early on can result in savings for them as they grow older.

Policies can take effect as early as 15 days after the child is born. However, you can purchase life insurance for your child at any time.

Consider This.

The purchase of life insurance for your child or children may not be appropriate for everyone. The decision is ultimately a personal one. It's wise to consider the potential costs of a funeral or the cost that comes with a leave of absence from work to grieve. It may be necessary for some parents to prioritize other financial goals, such as saving for retirement, building a college fund, or paying off high-interest debt. As a caregiver and income earner, you should always have adequate life insurance first before considering coverage for your children. Families who can afford the extra cost may find that children's life insurance is an excellent option. As your children age, it can make maintaining life insurance easier for them, as well as protect you from the unthinkable.

Nicole Marques


The information contained in these articles is for informational purposes only. The content of the article may contain errors or omissions for which Nicole Marques assumes no responsibility. Nicole Marques does not accept any responsibility for any special, direct, indirect, consequential, incidental, or any other damages arising out of or in connection with the information provided in this article. Nicole Marques reserves the right to make additions, deletions, or changes to the contents of the article at any time without notice.

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