What Is Juvenile Whole Life Insurance?
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaWhen a whole life policy is purchased on a minor, it is called juvenile whole life. New York Life actually has a Family Policy which covers both parents and includes juveniles for free. You can also purchase an individual policy and add a juvenile to it as a Rider. The method I suggest is purchasing a whole life policy for a juvenile of their own. The cost is incredibly low, and it not only guarantees insurance, but insurability for a child that may develop any of numerous illnesses, as they get older or even as a child. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.Answered on December 22, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Juvenile Whole Life Insurance is permanent life insurance that is meant to be used as a tax advantaged savings vehicle for the child's lifetime. Child riders provide a benefit if a child dies, and allow the child to convert it to Whole Life when they are adults. But Juvenile Whole Life starts accumulating cash value at a young age, with the emphasis more on using it for life, even though it also does pay a death benefit.Answered on December 28, 2013flag this answer
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