Male   Female
  • Why children need life insurance
  • June 12, 2015
  • Why children need life insuranceBy Karla Sullivan

    Every child should be covered in some way with life insurance. Losing a child is unthinkable but you have to be realistic and the loss of a child can cause real financial hardships.

    One family lost their college daughter and had no life insurance funds to help pay for final expenses. Not only that, but there were private student loans.

    If a borrower dies when assuming federal loans, the loans will be forgiven. However, private lenders are not required to do so. Trying to pay back loan money without life insurance can be a nightmare. Student loans can rarely be discharged in a bankruptcy as well.

    A permanent life insurance policy can help make sure your children are protected later on if health problems occur. The cost will be so much higher when trying to secure a policy when illness is a factor, especially if your family has a history of chronic disease.

    It is important to really think about this now rather than taking the risk when the child is older and more susceptible to health issues.

    Locking in future insurability is important if your child has a problem with drug or alcohol abuse in later years or participates in extreme sports. Keep in mind that the last thing on a 20 or even 30 years old’s mind is life insurance. The next to last thought is safety.

    When you purchase a whole life policy, premiums and insurance benefits are guaranteed to stay the same. Cash value continues to grow and will be tax deferred.

    Losing a child is one of the biggest emotional challenges in one’s life.

    Initially, parents will take time off of work for grieving, counseling and memorial intent. Life insurance will help the family take the time that they need.

    Employers may offer additional coverage to include a child but usually not more than $25,000. You can add your children as a rider to your existing life insurance policy that you own outside of your workplace. Child riders are traditionally in the same range of benefit coverage, which is between $10 and $25,000.

  • Category: Articles Library, Life Insurance, Parenting

Leave a Reply



Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates and, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  

Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.