Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Child Term life insurance invests in the future of your child
You are investing in the future of your child by purchasing child term life insurance. They would have coverage irrespective of the health conditions they may pick along the way. As per a research conducted by the ACLI (American Council of Life Insurers), life coverage for children is not so hugely popular in the society.
People in today's time do not prefer to purchase coverage for children. The report has found out that approximately just 15% of the individuals who are less than 18 years of age have enrolled themselves in an insurance plan.
A lot of insurance firms will add a small fee to the father or mother's policy, basically to cover the funeral costs. The subject of buying life coverage is gaining popularity now. People prefer to invest a small amount of money every month to safeguard bigger interests in life. It is about being prepared for challenges, both good and bad, in time.
How does Term life insurance assist a child?
At present, when the child is healthy, insurance is accessible at a minimal cost. It cannot be guaranteed that you would be able to buy policy at a low cost in the future. There have been cases where children have picked serious health issues over a period of time. Parents found it extremely difficult to manage the expenses without buying the right type of insurance plan.
Registering for a preferred rate insurance policy sooner, with an ensured periodical buying clause, would assist in buying a plan in adulthood even if they get sick later on.
Who can buy Child Term life coverage?
Anybody who is legally responsible for the child can buy a policy on their behalf. This can include parents, older siblings, grandparents and guardians.
There is normally no medical examination required when you buy a plan. You might just require answering a couple of questions related to health in the application form that you fill out.
You need to check insurance rates in hand. The ground rules would not change here. Whole life insurance premium rates remain constant throughout the life span. The rates are subject to change. The policy rates are calculated keeping the age and health factor in mind. You should take separate quotes from different companies.
You can buy the policy and change it into a Whole life plan later on, once the term ends. You should check all the details to satisfaction.
Parents (or Guardians) are the beneficiaries.
In the case of child term life insurance plans, the child's parents or their legal guardian are usually the benefactors, but the true beneficiary is the insured person itself.
Secure the future of your children by buying term life coverage as soon as possible. It is beneficial for you as well as your children!