It is common for parents to look for investment services that will assist them in achieving long-term financial stability for themselves and their children.
One product that may help is juvenile life insurance or life insurance for children. As long as the premiums are paid, this coverage is in effect. Like any adult permanent life insurance policy, it builds its cash value over time.
Policies for children are typically offered with minimal underwriting and at the lowest rates possible. Until the child reaches the age of 18, a parent is a legal owner. After then, the child becomes the policy owner.
Once they become adults, they can take advantage of the following benefits:
- Guaranteed insurability
Your child locks in at a cheap rate and continues their coverage. In most cases, they can increase their life insurance policy up to permitted limitations. This can be one of the primary motives for parents to purchase child life insurance.
- Cash value
Over time, the policy’s cash value increases tax-deferred, making it a dependable savings vehicle with certain distinct features.
Juvenile term life insurance is substantially less expensive for parents than juvenile permanent life insurance. Term life insurance only lasts for a predetermined period of time, such as 10, 20, or 30 years, and does not have a cash value.
Get started on your plans with Jackson Insurance Company and get started on safeguarding your family.