When getting life insurance for your children while they are babies, you will never have to worry about whether they can get life insurance again, in their entire lives. This is true whether you get them permanent coverage such as Whole Life, or if you get them Term Life that is convertible to permanent without evidence of insurability.
Insurance Advisor, Lordship Insurance Services, California
There are a lot of reasons it can make sense to get insurance on children (1) typically they are insurable (2) a lot of policies will allow them to convert to different types of insurance at a later date (3) its possible to have a paid up policy on them if you purchase while still young (4) you can also give them a head start in their financial life by giving them a policy with cash value that has built up over the years. Insurance is not a bad thing to have on one's children.
The most important reason to get life insurance for a baby, in my opinion, is to assure that the baby will be able to get and have life insurance for the rest of their life. If a baby or child develops a health condition such as type 1 diabetes, is found to have a heart murmur or congenital condition, or even develops a mental or emotional disorder, it can be extremely hard to find life insurance for tthm. Often, they must wait until they are adults to apply, and if the condition is serious enough, they may need to wait until they are 50 years old to apply for a guaranteed issue policy.
If the baby is put on a child rider or gets their own policy before anything like this arises, that baby (then child, then adult) is assured to have life insurance rated Standard for the rest of his/her life. Granted, there will be a limit on the amount, but it will be reasonably priced. When a tragedy occurs in the life of a child, it is just great to have something good turn up in a situation like that.
.JPG){kind=avatar}
If the baby is put on a child rider or gets their own policy before anything like this arises, that baby (then child, then adult) is assured to have life insurance rated Standard for the rest of his/her life. Granted, there will be a limit on the amount, but it will be reasonably priced. When a tragedy occurs in the life of a child, it is just great to have something good turn up in a situation like that.