This is the first in an ongoing blog series designed to answer your questions about life insurance riders. Riders can provide the added coverage your family needs at a nominal cost. For our first post on the topic of life insurance riders, we’re tackling a relatively sensitive subject; child riders.
What is a Child Rider?
The topic of children and life insurance is difficult for most parents to discuss, there are however many benefits to purchasing protection when children are young. A child rider is purchased as part of a parent or guardian’s term life insurance policy. Children under the age of 17 are eligible for rider coverage that will protect them until the age of 25. In many cases, coverage can then be converted into individual policies, ensuring that the child will be able to secure life insurance protection as an adult.
Child Riders and Your Family
Not only do child life insurance riders provide a safety net for your child, they also provide financial assistance in the case of a tragedy. Though no parent ever wants to plan for or think about the death of a child, it’s important to have life insurance protection in place. In the case of such a tragedy, family members need time to grieve. Beyond simply covering final expenses, child life insurance riders can provide financial support for surviving family members. Parents who are faced with the devastating loss of a child, and do not have protection in place, are generally forced to return to work before they are prepared to do so. The benefits paid on a child’s life insurance policy, or a child rider, give the grieving parents the financial flexibility to take an extended leave from work and to be there for one another, as well as the rest of the family.
At IntelliQuote we urge parents to include child life insurance riders when purchasing term life insurance. For a minimal addition to their monthly life insurance premiums, parents and children enjoy added security and peace of mind.
Want to learn more about life insurance riders? Stay tuned to the IntelliQuote Life Insurance Blog here we will be explaining your rider options and other trending topics. Stay informed!
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