Child Life Insurance: What Is It and Should You Buy It?

Child Life Insurance: What Is It and Should You Buy It?

Mar 22, 2023


All you need to know about life insurance for child

As a parent, you want to make sure your child is taken care of if something unexpected happens. One way to do this is to purchase child life insurance. But what is child life insurance and should you buy it? In this article, we’ll discuss the basics of child life insurance, the pros and cons of buying it, and how to assess your budget before you make a decision.

What Is Child Life Insurance?

Child life insurance is a policy that parents or legal guardians can purchase for their children. It provides a death benefit in case the child passes away before reaching adulthood. This type of insurance is meant to cover the costs of final expenses, such as funeral expenses, medical bills, and other related costs.

Most insurance companies offer two types of child life insurance policies: whole life insurance and term life insurance. Whole life insurance policies provide lifelong coverage and accumulate a cash value over time. Term life insurance policies offer coverage for a set period, usually ranging from 10 to 30 years.

The Pros and Cons of Life Insurance for Kids

Like any financial product, child life insurance has its advantages and disadvantages. One of the main advantages is that it can help parents cover the costs of final expenses in the unfortunate event of a child's death. Additionally, some child life insurance policies offer the option to convert the policy to an adult life insurance policy when the child reaches adulthood, which can save them money in the long run.

However, there are also some disadvantages to consider. For one, child life insurance policies are often more expensive than adult life insurance policies. Additionally, some critics argue that it is not necessary to purchase life insurance for children, as their risk of death is relatively low. Finally, some people believe those child life insurance policies are a poor investment, as the potential returns are low compared to other types of investments.

Assess your budget Before you buy

Before purchasing a child life insurance policy, it's important to assess your budget and determine whether you can afford the premiums. The cost of child life insurance varies depending on the age of the child, the type of policy, and the amount of coverage.

When considering your budget, it's important to think about your long-term financial goals. If you have other financial priorities, such as saving for college or paying off debt, you may want to focus your resources on those goals instead of purchasing a child's life insurance policy.


Child life insurance is a personal decision that should be based on individual circumstances and financial goals. While it can provide peace of mind in the event of a child's death, it may not be the best choice for everyone. Before purchasing a child life insurance policy, it's important to weigh the pros and cons, assess your budget, and consider your long-term financial goals

Get the Best Life Insurance Policy for Your Child with Bell Black Insurance

If you’re considering purchasing child life insurance, it’s important to do your research and speak to an insurance agent or financial advisor before you make a decision. At Bell Black Insurance, we can help you find the right life insurance policy for your family. Contact us today to get started.