Indiana Life Insurance For Children
Reader’s Question:
I already have a life insurance of my own and I also want my children to have their own. I never imagined that they would pass on before me and my wife do but I understand that it is still a possibility. Can we just add them to my life insurance policy here in Indiana?
Ferdinand
Evansville, IN
You can actually acquire very low cost life insurance if you purchase life insurance for your whole family all at once. You can do this if you add your wife as well as your children to your life insurance plan there in Indiana. If you have life insurance for children on your policy, it would let you add $5,000, $10,000 or as much as $50,000 to your life insurance plan. The life insurance for children would be a “rider” on your life insurance plan. You can decide to convert it into separate policy for your children if they reach the legal age.
If you have life insurance for children on your current policy, it would save you money rather than purchasing a completely separate policy for them. The life insurance provider considers it as a separate plan, but the premiums are much less for most people. Another advantage of having your children added to your life insurance policy is that there are minimal medical questions.
You are already considered as a responsible person for having a life insurance policy for yourself. But it would be more responsible of you if you obtain life insurance for your children before they can take care of themselves. You can simply get a small term life insurance policy for them until they can get a longer term or whole life insurance policy for themselves.
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