Term Life Insurance for Children

Insure your kids early set them up for life  Photograph by Lars Plougmann
Insure your kids early and
set them up for life.
Photo by Lars Plougmann

Most parents looking for life insurance for their children are looking for permanent policies where the coverage remains level for the insured child's lifetime.

Many of these whole life or universal policies can be paid up in a limited number of years and build a cash value. However, some parents are looking for more basic coverage for their children. Term insurance can provide an affordable solution if this is the case.

There are two types of term policies for children.

1. Standalone Term Policies
These policies allow each child to be insured separately and the premiums can be level to the insured child's 18th birthday, or until age 21 or 25 if they're still in school. Industrial Alliance and La Capitale offer standalone children's term policies for 10- or 20-year terms.

2. Children's Term Riders
This coverage is taken out as a rider on one of the parents. The plans usually come in face amounts of $5,000, $10,000, $15,000, $20,000 $25,000, and $30,000. The premiums are competitive with most insurance companies, and many of the plans allow parents to cover up to eight children at one price.

Manulife Financial offers a unique version of the children's term rider because its rider allows a child to be covered with $10,000 of coverage at a cost of $2.50 a month. The twist is the plan's built-in conversion option on the policy anniversary of the insured's 25th birthday — or earlier at specified option dates — where the insured child has the option to purchase $250,000 of new life insurance coverage without a medical exam.

For more details on Children's Life Insurance in Canada, please contact us at 1-866-899-4849 or visit our Whole Life Insurance Quote Page

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