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Do I need Child Life Insurance?
You might be considering child life insurance or a Child Protection Rider
(CPR) to a term life insurance policy.
In certain circumstances, it may be advisable to purchase life insurance
on children. A parent or a grandparent may wish to purchase permanent
policy so that the child starts out its adult life with low, guaranteed
premium.
However, such purchases should not be made in lieu of purchasing appropriate
amounts of life insurance on the family breadwinner(s). It is of utmost
importance that the income earning capacity of the primary breadwinner be
fully protected.
Only when this goal is met and the parents have discretionary income to
spare should they contemplate the purchase of life insurance on children.
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