Children’s whole life and adult whole life are similar in most respects; both types of policies provide a fixed death benefit and a premium that will never increase, as well as the opportunity to accumulate cash value. The main difference is the issue age: while regular whole life is issued to people between ages 45-85, children’s whole life allows you to get coverage for a child age 14 days to 17 years and lock in that coverage for a lifetime.

All life insurance policies are intended to provide peace of mind, and children’s whole life is no exception. Buying life insurance for a child locks in a low premium and guarantees the opportunity to provide more coverage down the road, even if your child someday develops health issues or works in a high-risk occupation that would normally make it difficult to qualify for life insurance. Children’s whole life insurance is also an investment that accumulates cash value as your child grows up.

As with any life insurance policy, the cost of children’s whole life insurance depends on age, health and coverage amount. Getting life insurance coverage from a young age allows you to lock in a lower premium that will not increase over time, or acquire more coverage (up to the maximum) for the same price.

If you’re interested in buying whole life insurance for your child, discussing your financial goals with an agent can help you understand your options and find the right policy. An agent will answer your questions throughout the process and help you implement your child or grandchild’s policy, including any adjustments that may be needed over time.

First, call to submit an application, which includes only a few health questions. Your application is reviewed to ensure completion, and as long as your child is qualified based on age, their policy will be issued and delivered.