Is there any life insurance I can buy for my 15 year old? And, if so, how much life insurance can i buy on him.
Yes, a parent can buy life insurance on their child, as there does exist an insurable interest between parents and their children.Many child life insurance plans offer up to $25,0000 or more of life insurance protection.Some child life insurance plans offer not only a death benefit, but may build up some cash value over time inside the life insurance policy.Usually, child life insurance plans provide guaranteed level rates and allow the child the option of buying additional coverage when the child reaches adulthood.Some life insurance plans for children also guarantee that the life insurance cannot be canceled by the insurer due to a change in the child's health or any occupation.
And, some child life insurance policies start for as little as $2.10 per month, depending on the amount of life insurance, and your child's age.
Here's how you may purchase child life insurance online.
