Six Questions to Ask Yourself if You’re Considering Getting Life Insurance for Your Child


Do you have children? If so, have you ever thought about getting life insurance for them? Millions of parents and grandparents purchase a whole life insurance policy for their child or grandchild. So, it’s definitely something worth considering. However, before you purchase a policy, it’s important that you understand how children’s life insurance differs from adult life insurance. The reasons and benefits for buying adult life insurance are different than those that you must consider when buying life insurance for your child. Below are six questions to ask yourself when determining if you should purchase life insurance for your child:

1. Will your child grow to be a healthy adult?

We all hope our child will grow up to be healthy. Unfortunately, being healthy is not a certainty in life. Your child may face health issue later in life. If that’s the case, it may be difficult to get a life insurance policy. You can circumvent this possibility by buying a whole life insurance for your child now, which assures guaranteed insurability as an adult, regardless of future health conditions. Whole life insurance provides protection for life, which is why people buy it for their child.

2. Will your child pursue a high-risk job or hobby as an adult?

As a parent, you want to support your child’s dreams and help become whoever they want to be in life. If they want to fight fires or an astronaut, then they should pursue those dreams. However, being whoever they want does not necessarily mean they’ll qualify for life insurance. If your child were to pursue a high-risk hobby or career, such as a firefighter or soldier, then their life insurance options as an adult may be limited. This would not be an issue if your child already had whole life because whole life guarantees insurability as an adult no matter what hobbies or career your child chooses.

3. Will your child be able to afford life insurance as an adult?

Premium rates for whole life insurance are based on a child’s age and health when you apply for the policy. By being proactive, you could secure your child low rates for life. In other words, the premium rates lock-in for life so your child can keep the policy as an adult and pay the same rates as when you bought it.

4. Do life insurance policies for children have cash value?

As your child grows into an adult so does the cash value of a whole life insurance policy. Over time, money is set aside with each monthly premium payment that you make so the policy builds cash value. The longer that you and later your adult child after they’re 21 owns the policy, the more cash value the policy accumulates. When your child comes of age (21), they have the option to turn the policy in and collect the available cash value. They can use it for anything. Should the need arise, they can also apply for a loan against the policy’s available cash value so long as they continue to pay the monthly premium.

5. What happens to the policy when the child turns 21? Does the policy end?

No, the policy does not terminate when the child reaches age 21. However, ownership of your child’s life insurance policy will automatically transfer from you to your child – along with the accumulated cash value – once they turn 21. Again, the longer you and then your child own the policy, the more cash value there is.

6. What happens if the unspeakable should happen?

Life is unpredictable. That’s why life insurance exists. It offers the peace of mind in knowing that there will be financial protection should the worst happen.


One plan that answers all of the questions above is the Gerber Life Grow-Up® Plan, which provides a valuable safeguard for you and your child. To learn more about this product, click here. You can also contact one of our licensed representatives who will discuss this product and answer any questions you may have pertaining to life insurance.

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Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions.  So if you have any questions or concerns, comment below and your question may be the topic of our next video!

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