Colonial Life offers new juvenile life insurance plan
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"The younger a person is when life insurance coverage starts, the lower the cost," said
In fact, LIMRA's 2015 Insurance Barometer Study says 46 percent of those who purchase juvenile life insurance do so to lock in a low rate.
Buying whole life for children also protects them against the chance an unexpected accident or illness could make life insurance more expensive - or even unavailable - later on.
Colonial Life's new juvenile whole life plan is offered as a voluntary benefit to employees through the workplace. Employees can select this coverage for their children, grandchildren, step-children or adopted children as a separate policy, whether or not they buy coverage for themselves. They can choose coverage amounts from
Just like adult coverage, the juvenile whole life plan also accumulates cash value at a guaranteed rate as long as the policy is in effect. That means the parent - and later, the child - always knows the amount of the death benefit and cash value.
"Life insurance can be the start of a sound financial plan at any age, for protection now and in the future," Jenkins said. The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations that may affect any benefits payable. About
Keywords for this news article include: Pediatrics, Colonial Life, Insurance Companies, Investment and Finance.
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