What is it?
Children's life insurance is low-cost life insurance designed specifically for the needs of children and their caregivers.
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Why do I need it?
The best way to financially protect your family both now and in the future is by having adequate life insurance for each family member. Providing your children or grandchildren with their own life insurance policy gives them benefits above and beyond what your own life insurance policy offers them.
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What are my options?
SBLI offers a whole life insurance plan that covers your child for his or her entire life, as long as premiums are paid when due.
Whole Life Insurance
Some of the benefits of owning a whole life insurance policy for your child include:
- You can lock in low premiums for life.
- Guarantees that your child will be insured in the future.
- Protects your child even if he or she develops health problems, as long as you continue to pay the premiums, the policy will remain active.
- A portion of your child's policy accrues cash value, which begins to grow as soon as you take out the policy.
- The cash value may be borrowed to help your child with future expenses, like a first car, first home, or college tuition.
- Your child may receive dividends on his or her policy.
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Children's Life Insurance Product Chart
| Whole Life Insurance |
| Coverage | For Life |
| Amounts Available | Up to $25K for children age 15 days to 6 months. $10K to $100K for children age 6 months and 1 day to 15 years |
| Ages Available | 15 days to age 15 years
|
| Riders Available | None |
| Convertible | Not available
|
| Premium Payment Options | One-time payment, annual, semi-annual, quarterly, and monthly (monthly must be by Automatic Payment Plan only) |
| Free Look Period | 30 Days
|
| State Availability | Click here for state availability.
|
- Paramedic exam: Children under 15 are not required to take a paramedic exam. The parent answers the medical part of the question (Part II) on the child's life. Children age 15 and older will be scheduled for a simple paramedic exam - at no cost to you - in the convenience of your home.
- Guarantee: Our children's life insurance has a 30 day, money-back guarantee.
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What is my next step?
Now that you've determined that a low-cost children's life insurance policy from SBLI is right for you, here's how to get the information you need to get started!
- Request information and a representative will call you to answer any questions about our children's life insurance products.
- Consult our Glossary of insurance terms
- Read more about the background of Savings Bank Life Insurance which has been providing life insurance since 1907.
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