How to Get Cheap Term Life Insurance for a Child

Everyone knows adults should have life insurance. But what about buying term life insurance for your child? Can you find an affordable term life policy for children – and do children even need life insurance? Well, that depends on who you ask.

The Pros and Cons of Life Insurance for Children

Some financial experts believe you should never buy life insurance for children. Children, they state, are not breadwinners and have no income to replace. The money spent on a policy for children could be better invested elsewhere.

Other financial experts take the opposite opinion. They believe that child life insurance can provide security for families. Should the unthinkable happen, it can help families pay for ...

* Medical and funeral expenses

* Counseling for parents after a child’s death

* Time needed off from work

They find that the minimal expense of a term life insurance policy is worth the peace of mind it provides.

Finding Term Life Insurance for Children

If you decide to buy life insurance for your child, your first step should be to check your own policy and see if you can add a child death benefit rider. Many companies offer this feature, although you may be limited to $5,000 or $10,000 worth of coverage.

If adding a child death benefit rider to your policy is not an option, or if you want higher limits of coverage, you'll need to purchase a separate policy. The exact rate you'll pay depends on:

* The company you choose

* The age of your child

* The coverage you want

The best way to find a cheap policy is to visit an insurance comparison website. On this type of website you complete a simple online application, after which you'll begin to receive rate quotes from multiple A-rated companies. You can then compare those quotes and choose the cheapest policy with the coverage you want.

On the best comparison websites you can even talk with insurance professionals and get answers to all your questions (see link below).

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