- Life coverage will never be more affordable than it is in childhood. The younger children are when their coverage starts, the lower the rate. In fact, nearly half of those who purchase juvenile life insurance do so to lock in a low rate, according to LIMRA’s study. “Juvenile life is a discussion around the practicality of purchasing it for a child or grandchild,” says Will Tinson, a Colonial Life sales representative based in New Jersey. “Employees who buy juvenile life like the idea that it’s a cost-effective way to provide a benefit for their family.”
- It protects children’s insurability. Buying whole life for a child protects him or her against the chance an unexpected accident or illness could make life insurance more expensive — or even unavailable — later on. This is another top reason named by buyers of juvenile life in LIMRA’s survey, cited by 45%.
