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Term Life

Term Life Insurance: Child Riders

Most companies offer insurance for children as a rider to their parent’s policy. The requested amount is added to the parent’s policy premium each year. Sample rates for the companies offering this coverage are detailed below. The “Cost/Unit” column illustrates the cost per thousand per year for the coverage while the “# Units Available” lists the minimum and maximum coverage values available.

Generally, the coverage provided is to all dependent children in your household, ranging in age from 6 months to 21 (there are some specific company details). If you request 10 units = $10,000 and the charge per thousand is $6.50, then the annual premium will be $65.00 per year, regardless of the number of children in your household. Please don’t hesitate to contact us with any questions you may have.

Insurance Company Cost/Unit Units* Insured Issue Age Child Issue Age Insured Expiry Age Child Expiry Age
American General Life $5.00 1-25 20-50 15 days -18 yrs 65 25
Assurity Life $5.50 1-25 18-55 15 days -18 yrs N/A 25
Banner Life $5.50 5 or 10 20-55 15 days -18 yrs 65 25
Lincoln National $6.00 1-15 20-55 15 days -18 yrs 65 23
North American Co for Life and Health $6.00 5-25 18-55 15 days -20 yrs 65 23
Pacific Life $5.50 1-10 18-55 15 days -18 yrs 65 25
Protective Life Ins Co $5.40 1-20 18-64 15 days -18 yrs 65 25
Prudential $5.15 10-20 18-55 14 days -18 yrs 75 25
Transamerica Life $5.83 1-20 18-55 15 days -18 yrs 65 25
SBLI $6.00 10-25 18-64 15 days -22.5 yrs 65 25
Mutual of Omaha $7.20 1-10 18-55 15 days – 20 yrs 65 23

 

* Unit= $1,000

These rates are an indication of cost and are subject to change.

Last Update 8/23/2017

* Arkansas expires at age 23.

Call us with any questions you may have.

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