Life Insurance for 16 year old

ms_newbie

Can anyone tell me who does life insurance for a 16 year old?

Thanks

ACG

Do you mind me asking why it is needed?

There usually needs to be someone who will be financially worse off on the death of the person to put a policy in place or someone with a financial interest in them - I forget the exact terminology - is that the case?

ms_newbie

It is my daughter who is 16. Ive looked for a policy but it seems she needs to be 18. That being the case who will take care of funeral expenses etc in the worst case scenario.

Quentin

ms_newbie wrote: »

.... That being the case who will take care of funeral expenses etc in the worst case scenario.

She could prepay for her funeral now if she has the funds.

ms_newbie

She doesnt have the money to prepay it ... how many 16 year old would have that. That is why we are looking for a life insurance plan.

Quentin

If she has no funds and a funeral is anticipated you could start a plan with an undertaker.


If there are no funds at all then contact your council who will arrange a basic welfare funeral.

ACG

Is she ill/expected to pass away soon? `If so that could make it more difficult.

pinkteapot

If she is unwell then I'm afraid you wouldn't be able to get a standard life insurance policy. There's a medical questionnaire to complete and she wouldn't be offered insurance. As above, a plan with an undertaker to pay the costs gradually may be best. Any insurance/pre-payment plan for someone with a serious medical condition would effectively be a savings plan - the premiums would add up, pretty much, to the amount you need to save.

If she's not, I think you may be worrying unduly. Yes, God forbid, she could have an accident, but this is rare. As Quentin said, basic funerals are available when people have no money at all.

ms_newbie

She is not unwell. Its just that we have known several people to pass away suddenly ... including one 17 year old who passed away as a result of Sudden Death Syndrome and it has made us consider our situation. We dont have a large sum of money available to pay for a proper funeral should it happen so we decided to take out life insurance .. but this is proving difficult for her due to her age. She is still at school and works a day at the weekend.

pinkteapot

I'm really sorry to hear about the losses you've suffered, and I can understand why it's made you re-evaluate.

What happened to the young person you know was an utterly awful tragedy, but it is incredibly rare. The mortality rate among women aged 15-19 is just 0.01%. The odds really are that she'll live a long and happy life.

She can get insurance when she's 18. It's only a couple of years (less if she's already 16). If something were to happen, I'm sure she understands that you'd do the best you can in terms of a funeral.

Weighty1

Having just run a quick quote you will probably find that your daughter can arrange cover once she is 17, if you really feel it is required.

If the main concern is funeral expenses then even most insurers minimum premium (£5-6/month) would provide far more than is needed to cover that so you could probably look at including critical illness cover onto the plan as there is a far higher likelihood of needing this during the plans term, unless you are looking at whole of life cover.