4 Times Child Life Insurance is Worth It

iQuanti: Everyone wants what’s best for their children. Someday, you hope your children will have fulfilling careers, get married, and have families of their own. At that point, they will probably want their own insurance to protect their families, and you can help them get the best possible options by protecting their insurability while they’re young with a child life insurance policy. 
1. Your child develops a long term or chronic health condition 
If your child develops a pre-existing condition within their lifetime, they may face higher premiums when they’re older as opposed to locking in lower premiums while they’re young.  
For example, a child who develops type one diabetes (which is neither preventable nor curable) will likely face higher life insurance premiums as they get older because of the condition. Getting lower premiums while they’re young and healthy will help your child be able to avoid those higher premiums. 
2. Your child may pursue a risky career 
Although they are young now, it’s possible they will pursue a career in a potentially dangerous field, such as becoming an airline pilot, nuclear technician, wildlife photographer, or working in construction.  
While your child in particular may take every proper precaution to keep themselves safe, having an occupation like these on paper alone may be enough to see higher life insurance premiums.  
3. Your child may pursue risky hobbies as an adult 
Similarly, your child’s hobbies could affect their life insurance premiums. If they want to try things like skydiving, surfing, long-distance biking, or other extreme sports as an adult, there’s a chance those activities would lead to more expensive premiums, unless your child already had a policy locked in from earlier.  
Moving to a more or less disaster-prone area wouldn’t necessarily affect life insurance premiums, but every state has different laws governing life insurance policies and that could affect premiums and available policies.  
4. You have no other way of covering the costs if the worst happens 
Of course, nobody ever wants to think about the absolute worst case scenario. But knowing that you have some protection in that event can give you some peace of mind. Many child life insurance policies cover things like funeral expenses, grief counseling, and sometimes even the costs of running a business while you take time away. It’s hard to imagine how you could prepare for such a tragedy, and while you do everything in your power to prevent those tragedies, you can also take care of contingencies.  
The bottom line 
One of the most useful features of child life insurance is protecting your child’s insurability. That means if down the road they develop some sort of chronic illness, they won’t have to worry about higher premiums for having a pre-existing condition. They can pursue any career or hobbies they like without fear of how it would affect their life insurance premiums. Ultimately, the earlier you can get someone on a policy, the sooner you can lock in lower premiums, which can stay low so long as requirements for keeping the plan active are met. 
Source: iQuanti, Inc.