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What Is A Children's Term Life Insurance Rider

2009-12-11

When you're buying life insurance coverage, or when you're looking for ways to decrease your life insurance rate, it's helpful to look at all the additional and optional areas of coverage in your policy. These areas may provide coverage that you didn't realize that you could get through your policy, and of course it's always very helpful to understand more about the small print of your insurance agreement. One such option is a children's term life insurance rider, which is available through many life insurance companies.

A children's term life insurance rider is optional, and it costs a bit of extra money to put into your term life insurance plan. However, by investing this extra money, you can provide term life coverage on the lives of your children. Depending on your policy's coverage and your insurance provider, the amount of coverage for each child can vary quite a bit. However, it's generally quite a bit less coverage than the main policy, so it's not akin to buying a second life insurance plan. One children's term life insurance rider usually covers all of the children of the policyholder, so multiple riders are not necessary. The coverage provided by the rider is active as long as the term life policy is in good standing, but ends if the policyholder dies within the term of the agreement and also expires with the policy.

There are several reasons why policyholders opt for the special type of coverage provided in this rider. Usually, it's purchased as an extra, general sort of insurance. For example, families who want to cover all of their bases in the event of a tragedy buy the rider as an additional safety measure. The policy payout is sufficient to cover funeral and hospital costs in many situations. However, this rider is not usually an automatic part of your insurance policy. It has to be purchased specifically. However, a children's term life rider can generally be purchased at any time during the life of the policy (again, as long as the account is in good standing and all previously due premium payments have been made on time). Not all insurance companies offer children's term life insurance riders, so you'll have to check with your insurer to see if the option is even available.

You should be sure to remember that knowing your coverage options is half the battle when it comes to insurance. A children's rider can be a great option to buy if you have the extra money and if you have several children. For many insurance buyers, it's not worth the extra cost, but it can provide some extra help and peace of mind for certain insurance policyholders.

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