Home Insurance Claims Service Customer Service Office Locator Weather Center 30. Since group life is issued as a single master policy to an employer or association, the individual participating in a group plan has no control over the price or amount of coverage offered. In some states, an individual cash value policy may be purchased to replace your group coverage. However, the new policy's premium rate is based on your age at the time your group coverage terminates. If you were to die, child care and housekeeping services would have to be paid from existing income.
Life insurance can help lessen the strain on family finances.
The need to accumulate funds, family medical history and financial circumstances are some of the many factors that should be considered when deciding to purchase life insurance for children. It may be advantageous for children to have a cash-value policy in their names, since they can secure relatively low premium rates which will not increase as they age. Hopefully, you found the answer you were looking for. If so, we're glad we could help. If not, give us a call at our offices.