How Do Child Life Insurance Riders Work?

If you have children, a child rider may be worth exploring. It can pay out a death benefit if one of them passes away while your policy is active. As with most life insurance riders, child riders come with features and benefits you should understand before you purchase one. Here’s what you should know about child life insurance riders so you can decide whether this add-on is right for your needs.

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What is a child rider on life insurance?

A child life insurance rider, or child term rider, is an add-on to a life insurance policy. It’s designed to pay out a death benefit if one or more of your children pass away. You can use the payout for anything, including funeral and burial expenses. With a child life insurance rider, you’ll be able to insure your children’s lives without having to invest in a separate insurance policy.

Most child life insurance riders apply to children who are between 15 days old and 18 years old and last until their 25th birthday or your 65th birthday, depending on which comes first. When the child term rider coverage is about to come to an end, your children can convert it to a standalone life insurance policy.¹

Benefits of getting a child life insurance rider

There are several noteworthy advantages to child life insurance riders, including:

Covers children of any health status

A child rider on life insurance can help protect your children, no matter their health status. It will apply even if they develop a chronic or life-threatening condition in the future.

Can cover multiple children

You can help protect all the current and future children in your household with a single child rider. These children may be birth children, stepchildren, and adopted children.

Your child can convert it to a permanent life policy

Once the child rider expires, your children can convert it into a permanent life policy. They won’t have to worry about their health or passing a medical exam.

When can I add a child rider to my life insurance policy?

As mentioned before, you can typically get a child rider for your children when they’re between 15 days and 18 years old. Additionally, it’s common to get this rider during the life insurance application process. Some insurers even allow policyholders to add a rider to an existing life insurance plan.

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How much does a children’s life insurance rider cost?

The cost of a child life insurance rider depends on a few factors, like the insurance company you choose. In general, however, you can expect to pay between $5 and $7 per $1,000 of coverage you own.²

What happens to the coverage under a children’s term rider?

When a child term rider expires, this means the coverage for your child will end. However, many riders are convertible, meaning you or your child can convert the rider to a permanent individual life insurance policy. Keep in mind that permanent life insurance policies come with higher premiums, so make sure this type of policy fits your budget and coverage goals before converting.

Child life insurance rider vs. child life insurance policy

If you add on a child life insurance rider, you receive temporary coverage for your children. Once they reach 25 or you turn 65, the rider will no longer be effective.² If you’d like lifetime coverage for your children, you can invest in a child permanent life insurance policy.³ Aflac offers whole life insurance and juvenile life insurance that can insure your children as adults and steer them toward the path of financial independence.

Should I get a children’s life insurance rider?

A children’s life insurance rider might make sense if you’d like to help protect yourself from the worst-case scenario of losing a child. It can give you the peace of mind of knowing you’ll have the funds to help cover their funeral and other related expenses. You may also want to explore the idea of a child life insurance rider if you want to encourage your child to convert it to permanent life insurance down the road.

Aflac offers child life insurance

One way to get life insurance for your children is through a child rider. This can ensure that your children have coverage in case of the unexpected. But you may also opt for a standalone permanent life insurance policy that will help cover them for as long as the premiums are paid. Aflac’s whole life insurance and juvenile life insurance both offer extensive coverage and great premiums. Start chatting with an agent and get a quote today!

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