Getting Burial Insurance for Children
Posted in How To Get Burial Insurance last updated on March 2, 2023Curious if getting burial insurance for children is even possible?
Maybe you have a policy yourself and want to check and see what options are out there for your kids or grandkids.
You are definitely in the right place. Welcome to Ark Insurance where I am a seasoned veteran in the life insurance space, specifically in final expense burial insurance.
In this article I will go in depth on the ins and outs of getting burial insurance for children, and what you can expect going forward.
Table of Contents
What is Burial Insurance?
First things first, we need to know what burial insurance actually is. I have several articles on this topic, but here are some for you to check out.
Burial insurance is just another way to describe a particular Life Insurance policy.
Just like Final Expense, burial insurance is just another term we use to distinguish a small Whole Life policy. So there is no difference between burial insurance and life insurance, it is simply how the policy is structured.
Whole Life and Final Expense
These policies are one and the same, but to distinguish a final expense policy, there are a couple of things that go into it.
First off, these burial insurance, or final expense whole life plans range in coverage amounts of $1,000 up to $50,000. Traditional whole life plans are typically over $50,000, mostly $100,000 plus.
The second thing that sets them apart is the age ranges. For final expense burial insurance, the age ranges are 45-85.
That’s right, unfortunately no final expense policies for children.
But Wait! There is hope.
Life Insurance for Children
While there aren’t technically Final Expense or burial insurance options for children, there are options for them.
The most common option, and one that you see a lot of advertisements for are the Children’s Whole Life insurance plans.
These are really common with companies like Gerber, but I actually have a fantastic company that offers Children’s Whole Life.
Mutual of Omaha
Mutual of Omaha is a fantastic Life Insurance carrier with a rich history which you can read about here.
What many people do not know is they have a phenomenal Children’s Whole Life product. This will cover children up to $50,000 and the cost is next to nothing.
The best part about this policy is that as long as the premium is made, it will last your child’s entire life. Meaning when they are 50 or 60 years old, they will still be paying a fraction of what it would cost them to get the same policy at that age.
You are truly setting your child up for success when you get your children a policy with Mutual of Omaha.
Indexed Universal Life
This is a form of life insurance that is growing increasingly popular for young people and children, and it is an Indexed Universal Life policy, or an IUL for short.
These policies build a cash value that mirrors the stock market, but does not face the downside of the market. Hence the “index” in the name. It has a floor that it can’t sink below, which many people like!
These policies are great for parents wanting to build for their children’s future, and have their child be able to withdraw from their policy years down the road to buy a car, house, or start a business.
The drawback to these policies are they are more expensive, but you have more control as well. If they are structured properly, you can put in as much as you can or want so that the policy benefits will be the highest.
What is Best for Children?
The answer to this question is simple, and it comes down to you.
What can you afford?
What are your goals for this policy?
If you can afford a $100+ premium and want the policy to build a large amount of cash value, IUL is your best bet.
If you are looking for a lower premium, still build cash value but not as much of a priority, then the Children’s Whole Life will be the best option for you.
There is honestly no wrong answer here. As long as your child has some coverage, they will be grateful for it in the long run. Above all, the most important thing is to leave a legacy for them, and that means you being covered, and having coverage for them as well.
Closing Thoughts
Life insurance is one of the best gifts you can give your children. While it is extremely important to have coverage for yourself so your child doesn’t have to worry, it is equally important to have them a policy that they can own one day.
Decisions like this may seem small, but can change your families tax bracket, and overall trajectory. It can bring low income families out of poverty, and set them up for a thriving life full of success.
As always, if you have any questions please leave them for me below! I look forward to serving you and your family.
God Bless.
2 Comments
CJ Fitzpatrick
Noah did an awesome job, helping me get insurance on my oldest daughter! He was a joy to work with and I plan on having him get insurance for all my kids! Thanks Noah and keep up the great work!
Noah White
Thanks for trusting me with your Family CJ!
God Bless you and your family.