Life Insurance for Children

silky180

Does anyone know of a company that provides life (level term) assurance for children under 18? I am struggling to find anything on the web. Thanks

mildred1978

silky180 wrote: »

Does anyone know of a company that provides life (level term) assurance for children under 18? I am struggling to find anything on the web. Thanks

Why would you need it?

silky180

Long story... but just looking at level term assurance to provide immediate costs and long term income replacement should anything horrendous ever occur. In addition if I took out a 15- 20 year policy now it should be cheaper.

Wutang_2

silky180 wrote: »

Long story... but just looking at level term assurance to provide immediate costs and long term income replacement should anything horrendous ever occur. In addition if I took out a 15- 20 year policy now it should be cheaper.

How much do your children earn?

Annisele

I'm having an imagination failure as to the circumstances in which income protection and life cover for children could possibly be appropriate.

Despite (or because of) my inability to come up with that, I reckon OP's children's circumstances are likely to be very unusual. The internet is often useless for very unusual circumstances - so I'm going to suggest a visit to a local independent financial adviser.

silky180

The story is.... a friend's child very sadly and suddenly died.... she had no money for the funeral, then lost her child benefit and child tax credit, therefore reducing her monthly income enough to have an impact. It makes you think if adults can have life assurance and critical illness cover then why can't children!

dunstonh

I think the problem of insurable interest would be an issue. Like above, I cant see where a child would need life assurance to cover long term income replacement.

There are policies that will give a limited sum assured to a child as part of the parent's protection policy but its more designed to cover cost of funeral and time off work for grieving.


edit: cross posted with above.

she had no money for the funeral, then lost her child benefit and child tax credit, therefore reducing her monthly income enough to have an impact.

So, in that case, making sure the children are covered as part of the parent's policy would be suitable. Whilst child credit would be reduced, so would expenditure. Child credit does not fully cover the costs of the child. So, even with the credit lost, there should be no financial loss.

mildred1978

silky180 wrote: »

The story is.... a friend's child very sadly and suddenly died.... she had no money for the funeral, then lost her child benefit and child tax credit, therefore reducing her monthly income enough to have an impact. It makes you think if adults can have life assurance and critical illness cover then why can't children!

But child benefit and tax credits could be taken away by any government at any time.

rs65

dunstonh wrote: »

I think the problem of insurable interest would be an issue.

I don't see that being an issue. The funeral costs alone would create a need.

With regards to child benefit and tax credit, surely the loss of expense would cancel out the loss of income.

dunstonh

I don't see that being an issue. The funeral costs alone would create a need.

Note that my post was made before the OP clarified the potential need areas as they saw it in post 6. I edited in after seeing their response but left the original bit there.

McKneff

I always thought it was illegal to insure a child against death, did it use to be?

I mean we could insure them and pop them off so to speak