A child rider is a type of life insurance rider, or an optional feature you can add to a new or existing term life or permanent life insurance policy. This rider adds life insurance for your children to your current policy, covers them until they become adults, and in most cases, allows them to convert to a policy of their own later.
If the worst happens, a child rider pays out a small death benefit if a covered child passes away. It’s an affordable way to get financial protection, so you can focus on spending time with your family
You can add a child rider to your policy for biological children, stepchildren, or adopted children who are under 18. If your family grows during the life of your policy, those children can also be covered.
In the case of a death, the rider provides a lump sum cash payment that can help cover final expenses, funeral costs, or fill an income gap if you need to take time off work.
Unlike children’s life insurance, which is a separate policy, child riders cover all current and future children, often until they turn 26. If your children are grown and the policy is about to expire, they can often convert the insurance rider into separate individual policies without having to get approved for life insurance again.
At eFinancial, we’re committed to helping families across the country get the life insurance coverage they need. We work with more than 20 top life insurance companies to give you a range of child term rider products. Our team of licensed agents can offer personalized guidance and guide you through the approval process.
If you want a backup plan for your family’s financial security, eFinancial is here to help.
A child rider is an optional feature that you can add on to your own term or permanent life insurance policy. It will cover all current and future children in your household and is an affordable alternative to a separate policy.
A child’s life insurance policy is generally a type of policy that provides coverage for the child during childhood and young adulthood. Once your child is an adult, they can convert the policy into permanent insurance coverage for their entire life. If you believe you’d like the option of coverage throughout your child’s life, you may want to talk to an agent about child life insurance policy options.
Child rider payouts tend to range from about $5,000 to $25,000. This varies depending on the provider, so be sure to ask an insurance agent about the best options for your family.
It depends. The cost of adding a child rider to your permanent or term life insurance policy is based on several factors, like the amount of coverage, how many children you want to cover, and how healthy they are. Different providers charge different rates for the rider, which would be added to the yearly premium of your current policy.
To learn more, start your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
