The following are three ways that you can get life insurance for your children:
Purchase a stand-alone policyMost insurers can offer you a variety of different life insurance plans for children with very reasonable rates. Often you can buy a policy with a face amount as low as $10,000 for just a few dollars a month, depending on the child's sex, age, and policy term. Underwriting on a stand-alone policy for a child typically includes health questions and may not include blood work or urine samples.
An employee benefit offered by your employerWe all know the cost of raising children. Employers sometimes offer small life insurance policies for dependents of employees for little or no cost. However, the face amounts on these types of policy offerings are typically low (often between $5,000 and $10,000, depending on what your employer offers). Coverage with these lower limits may only be enough to cover final expenses and little else, but if it's offered at no cost to you as a benefit, it's worth it. However, keep in mind that if you were to leave your job, the insurance coverage will likely cease. Generally with this coverage, there is no underwriting in which to qualify and issue a policy.
Add a child life insurance rider
With a children's life insurance rider, you can provide coverage for every child in your family for the same price (if your policy offers this option). So if you have two or more children under the age of 18, this rider can be a cost effective way to purchase coverage for all of your children with one low premium. The downside is that child riders don't always offer a lot of coverage (most typically offer an average face value between $10,000 and $25,000 per child). However, they sometimes include the option to buy additional coverage over and above this amount at some point in the future.
The rider will expire when a child reaches adulthood (age determined by the insurance company) and when it does, you'll need to purchase an individual life insurance policy if you want to continue coverage. Underwriting generally includes a few broad health questions and blood work or urine samples are typically not required.*
Before deciding on a life insurance policy for your child, take the time to learn about the different kinds of policies and options that are available. A qualified insurance professional can help answer any questions you may have and select what's best for you and your child.
* Not all policy types or insurance carriers offer this optional rider and underwriting requirements to qualify for this coverage may vary.