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Should You Get a Life Insurance for Your Kids?

A child is always precious and it’s understandable why parents would find all means to protect their kids. But other than making sure children are fed well and sent to a good school, they also need to be protected from illnesses and accidents. Here is where the issue of life insurance comes in.

Getting a life insurance for a child may not be a necessity for some parents but there are benefits to be gained if you have one. It all depends on the financial state of the family and those who have the budget for it are free to secure their child a suitable policy.

life insurance for a child

An exception would be if a child is a celebrity in which case a life insurance is necessary. A child star who supports his or her family as well as one who has a potential of developing a serious illness in adulthood may also require a coverage. Children who have a high risk of developing an illness later in life need a life insurance early on as they may no longer be eligible to avail of a coverage when they’re grown up.


One advantage of getting a life insurance policy for your child is being assured of financial support in the event your kid gets sick, is hospitalized or meets an accident. Families making both ends meet with no personal savings stand to gain from the coverage as they are free from worries as to where to get funds to shoulder their child’s hospital bill.

“Accidents cannot be avoided especially among children but parents who have obtained an insurance policy, whether a personal accident or life insurance, for their child can rely on that to help them with their medical expenses,” said Daniel Gibalevich, a personal injury attorney based in Los Angeles, California. “Parents with very active kids who are prone to accidents should consider purchasing an insurance coverage for their children,” he added.

Having a policy also protects your child who may develop a serious illness later in childhood or adulthood. This is because an older child with a life threatening medical condition may no longer be eligible to obtain insurance or may only be allowed a small life insurance policy.

Another benefit of getting a policy for a child is the financial support they can enjoy later in life. While children are still young and healthy, they can avail of lower premiums for a life insurance. They can also use it as an asset later on in their lives when they become financially independent.

On the whole, it is up to the parents to decide whether they need to purchase a life insurance for their child or children. Families who have healthy kids with no risk for illness and who are financially capable in meeting their daily needs including paying for medical bills may not need a coverage for children.

Those who are considering buying a policy for their child, though, should find time to do their research before making a final decision and signing up with a company. Experts recommend asking for quotes from several insurance providers and studying their terms and conditions before buying a plan.