Free No-Medical Life Insurance for Children

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When it sounds too good to be true, it usually is. But this time, with the help of Foresters’ FamilyLife Whole Life Insurance Policy, it can be a reality for your child.

If parents purchase the FamilyLife Whole Life policy, they can include the Basic Children’s Coverage Benefit at no additional cost. This children’s life insurance rider includes $3,000 of term life insurance for any child under the age of 18. In addition, the term insurance policy can be converted into any one of Foresters’ permanent life insurance policies without additional medical evidence or medical testing.

Plus, parents can purchase an additional $7,000 worth of permanent insurance per child to round it out to $10,000 per policy. If both parents purchase a policy, the children’s coverage increases to $20,000 per child.

Foresters gets its name from the brotherhood — that is, the Ancient Order of Foresters — and it is the insurance subsidiary of that organization. It started life as a mutual life company, but then in 2008, it went public as a stock life insurance company. Then in 2012, it it officially changed its name from Unity Life of Canada to that of its owner, Foresters. It’s a company that puts family first, so its FamilyLife policy nicely fits its mandate and values. The Toronto-based company offers a competitive lineup of traditional life insurance products such as term, permanent, and living benefits insurance. It is also an active player in niche markets, offering complete accident and sickness insurances and financial protection.

The diseases that affect children under five most often include diarrheal illness and pneumonia. Approximately 2 million children less than five years old die of diarrheal illness or pneumonia each year. Childhood deaths from diarrhea and pneumonia alone cause more than one-quarter of child deaths worldwide, according to Toronto’s Sick Kids Hospital. Of course, whether life insurance is a good deal for children has been a hotly debated topic for years inside the insurance industry and out.

However, if you think it is silly, remember that insuring a child at a young age guarantees that he or she has insurance now and has the ability to get insurance in the future. This will protect the child’s ability to obtain insurance against future health problems, such as asthma or cancer. It will also protect the child against risky occupations such as becoming a firefighter or pilot. Most life insurance policies give you the option of adding a guaranteed insurability rider, which allows the child to upgrade his or her insurance in the future without a medical exam.

Permanent policies also allow your child to lock in at very favourable rates and can be paid up in a limited number of years. The policy can generate cash value that is available in case of emergency or to help supplement the child’s retirement income.

Plus, when one or both parents have hereditary health issues, insuring a child may have added importance. For example, a couple that has a history of diabetes and colitis within their immediate family. Insuring their newest addition at a very young age creates a safety-net against the child developing future health issues. A child who eventually has a family of his or her own may have developed health issues in the interim, and as a result, may not be able to obtain new insurance. Even if it possible to obtain the insurance, a new policy may have a larger premium due to health issues.

No matter how you sit with the idea of life insurance for children, no one can deny that free life insurance is a good deal — especially for children with health issues.

If you’d like information about insuring a child, please call us at 1-866-899-4849 and visit our Term Insurance Quote Page.

Jay Li
Jay Li

Is Foresters the only company to offer this? Can a child have a life insurance with more than one co.

LSM Insurance
LSM Insurance

This is the only company we are aware of offering this feature. Yes you can have a child life insurance policy with more than one company.