Children Life Policies

Most parents insure their car the week they buy it — but insuring their child's future ability to get coverage rarely crosses their mind. Children's life policies are a small, often-overlooked way to give your kids a financial head start before they even know what insurance is.

These policies are available for children from 15 days to 17 years old, and typically come as Traditional Whole Life, Participating Whole Life, or an Indexed Universal Life (IUL) policy. Because they're purchased while your child is young and healthy, they tend to be inexpensive — and they lock in insurability for life, regardless of what health issues may come up later.

What They Offer

• Protection for life — coverage that stays with your child into adulthood

• Potential cash value that can be borrowed against later — for a first car, college costs, or a down payment on a home

It's less about insuring against the worst and more about starting your child's financial foundation decades before they'd be able to start it themselves. Let's talk about whether it fits your family.