A rider is an optional add-on to a life insurance policy. Life insurance riders have a range of benefits functions like provide additional coverage, waiving premiums, or even exclude coverage for specific conditions or events.
One common beneficial rider typically offered on most policies, including term life insurance, is a child life insurance rider. But what is a child rider on term life insurance? And how does this additional coverage work? Let’s take a look now.
A child life insurance rider provides additional coverage that pays a death benefit in the event one of your children passes away. Your family can use the rider’s benefit to support your family during a difficult time. The benefit from these child riders is typically used to cover funeral expenses and other end-of-life costs so they won’t impact the family’s financial security.
Adding a child life rider to your term life insurance plan is one of the most affordable ways to insure your child’s life. The only other way to insure your children is through a separate whole life insurance policy, which can be much more expensive month to month.
Firstly, you need to qualify for a term life insurance plan before purchasing a child life insurance rider. Eligibility ages can vary depending on your insurer, but typical age ranges for a term plan start at 18 and go as high as 65. At termforme.com, our term life insurance plans have an eligibility age range of 18 to 70.
Once you qualify for a term plan, you have the option to add a child rider to your policy. Children who are typically between the ages of 15 days to 18 years old can qualify for the coverage. A child life insurance rider can usually last up until the child reaches adulthood. Most insurers allow this coverage to last up to the age of 25. Some child life insurance riders also allow your children to convert the rider into a permanent life insurance plan.
Adding a child life insurance rider provides your family with further financial stability if the worst happens. Besides further securing your family’s financial future, a child term life rider has the following additional benefits:
At termforme.com, our goal is to make every aspect of term life insurance as easy as possible for Americans from every walk of life. Our 10-year term life insurance, 20-year term life insurance, and 30-year term life insurance plans all have a simple application process that can be done over the phone with no paperwork or face-to-face meetings with agents required.
If you are interested in learning more about your term life insurance options, feel free to use our short free quote form now.
Written by: Adam Bianco
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