4 Reasons To Consider Juvenile Life Insurance

As a parent, you want a solid financial foundation for your child. You try to teach your child important financial lessons about saving and spending, you set up a savings account in his/her name, and you’re setting money aside for college in a 529 plan. Despite ticking all these boxes, you may wonder what else you can be doing to help prepare your child for financial stability.

Juvenile life insurance is another tool for you to consider.

What is juvenile life insurance?

The idea of juvenile life insurance can be confusing for some. Why would you insure the life of a perfectly healthy child? Juvenile life insurance does insure against the loss of a child, but thankfully this occurrence is extremely rare.

Instead, juvenile life insurance is more about helping build a strong financial foundation for your child. Juvenile life insurance is typically permanent life insurance, which means your child will have the coverage for life and the policy can build cash value.

Ready to learn more about juvenile life insurance?

Check out these four advantages to purchasing juvenile life insurance:

  1. Guarantee future insurability

    Did you know that if your child develops certain conditions, they may be denied life insurance coverage later in life? In fact, about one-in-two Americans have a condition that would deny them coverage.1 When you purchase juvenile life insurance, you can guard a child from future uninsurability due to health issues like asthma, cancer or diabetes. Even if your child develops one of these conditions as an adult, they will already have the financial protection and peace of mind of life insurance.

  2. Lock in childhood rates for life

    When it comes to life insurance, typically the older you are when you purchase, the higher your premiums will be. When you purchase juvenile life insurance for your child, the policy will keep the same premium for your child’s entire life. This helps make the premiums much more affordable for your child as he/she ages.

  3. Build cash value

    As mentioned earlier, juvenile life insurance is permanent life insurance, which features the ability to build cash value over the life of the policy. Once the policy accumulates a sizeable cash value, loans can be taken from the policy for any purpose—to help fund college, pay off debt or supplement your child’s retirement income many years down the road. Oftentimes, cash value loans will feature lower interest rates than what you’d get from a bank or credit card, which may give your child a financial leg up as an adult.

  4. Give an everlasting gift

    We know that juvenile life insurance isn’t at the top of your child’s wish list, and it may not be a gift that they appreciate right now. But someday your adult child will appreciate the financial protection and peace of mind of his/her permanent life insurance policy. And many, many, many years down the road, the payout from the policy may help leave a lasting financial legacy for your child’s children and grandchildren—talk about making a positive financial impact for generations to come!

How do I get started?

The first step in purchasing juvenile life insurance for your child is to complete an application on his/her behalf. If the child is a minor, the policy will be owned by you (or the purchasing adult) until your child reaches the age of majority. A Bankers Life agent is ready to help you get the ball rolling. Contact us here to get paired with a local Bankers Life agent!


1 The Center for Consumer Information & Insurance Oversight, At Risk: Pre-Existing Conditions Could Affect 1 in 2 Americas, Accessed in 2019

Policies underwritten by Bankers Life and Casualty Company, home office Chicago, IL. Subject to state availability