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As a parent, you want to ensure that your child will be cared for no matter what the future holds. But the future can be unpredictable and downright scary, and the best you can do is try to be prepared for all scenarios, good or bad.
One way to do this is by adding a child rider to your existing life insurance policy to cover your biological, adopted, or step-child(ren). A rider allows the policyholder to receive a small death benefit should the unimaginable happen. These policies are designed to cover medical costs, funeral expenses, or gaps in income while grieving the loss of a loved one. Beyond financial expenses, however, a child rider can provide significant financial protection for your little one’s future — making it an important potential addition to any parenting plan.
Child riders are available for both term and permanent life insurance coverage, but they only provide temporary coverage — at a certain point, the child will age out (or marry out, whichever happens first) of the coverage. The exact age limit depends on the specific life insurance company, but in some cases, children can remain on a rider until they are 26 years old. Which is longer than they should be going to a pediatrician, so that’s not a bad deal!
Because the death benefit on a child rider is small, you’ll need to look into purchasing a separate life insurance policy for your child if you want to increase the amount of coverage. Likewise, if you want your child to have a lifetime of coverage, a separate policy makes more sense.
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You can add a child rider to your life insurance policy once the child is at least two weeks old, and then — as we covered above — they can remain on your policy until they’re young adults. Generally, the younger a person is when the policy begins, the lower the premium payments are — so it can be a good long-term decision for your child to get them on your policy sooner rather than later.
And as a bonus, you can generally add your biological, adopted, or step-child(ren) to a child rider without needing a medical exam, since underwriting isn’t complicated. And if your family is still growing, you can always start by adding your first child today, and then update your child rider when you have additional children in the future.
Child riders aren’t forever, but they can be easily converted into a regular life insurance policy — and generally at a lower premium. In fact, many can be converted into a permanent life insurance policy, often valued at up to five times the amount of the original rider. So for example, if your rider added $10,000 in coverage, your child would eventually be eligible for a $50,000 policy.
Plus, the rider usually guarantees your child’s insurability. This means that even if your child develops medical issues, which would under normal circumstances make them more expensive to insure, they will have an easier time getting full coverage.
Adding a child rider to your existing life insurance is an affordable way to protect yourself and your family. A single rider costs just a few dollars more per month on top of your existing premium. Plus, you’ll pay the same amount for the rider regardless of how many children you add.
Life insurance riders for a child will typically cost you around $5 to $7 per $1,000 of coverage you add to your policy. To play that out, that means your rider would cost about $75/year (or $6.25/month) for $15,000 worth of coverage. Even at the higher $7/$1,000 rate, you could purchase a $25,000 policy for $175/year (or $14.58/month).
If your child passes away, you’ll have access to funds to pay final expenses, which, while you’re grieving, will be the last thing you’ll want to think about. While we all hope this is something we’ll never ever have to experience, this is also what insurance is for: covering for us when the worst happens.
A child rider provides extra and affordable protection for your family. Spending a few dollars a month can save you thousands later and ensures your child will always be able to secure permanent coverage. If you’re stuck and not sure where to start, Marble can help!
Shop policies and compare quotes all from one easy app, and once you’ve found the coverage you want, keep everything organized in your digital wallet. Sign up for Marble today to manage all your insurance policies in one place — and earn rewards at the same time!
