Do My Children Need Life Insurance?

Life Insurance

There are many reasons why a parent would want to purchase life insurance on their child. This is a very touchy subject for some people. Some parents feel they do not need or want life insurance on their child, where others want the peace of mind of having coverage on their children. 

  1. It gives the parent peace of mind in case something were to happen to their child.
  2. Some parents often place coverage on their child while they are young as it is pretty inexpensive by either adding them as a rider on the parents term life insurance policy or by purchasing the child their own life insurance usually a small whole life product. Some policies give the option to purchase additional coverage at certain times during the child's lifetime without the need to qualify for the additional insurance. This would be a guaranteed insurability option.
  3. When the child is older, parents sometimes purchase term life insurance to help protect college loans that the child might have so if something were to happen to them the loans can be taken care of through the use of the life insurance.
  4. Another reason that a parent may want to purchase life insurance on their child is if there is a family history of health problems such as diabetes, heart disease or any other health issues that might make it difficult for the child to get life insurance when they are older. This is when the option to be able purchase additional coverage without medical information required would come in handy as mentioned above.

These are a few reasons why you may want some life insurance on your child or your grandchildren as I have done with mine. At the end of the day, I have peace of mind knowing I have a financial safety net in place.

About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or