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Last updated: 17 September, 2020

What is child life insurance?

Life insurance for children pays out if your child dies or is diagnosed with a serious illness or condition during the policy’s term.

Why would you need life insurance for children?

If your child is ill or has a serious condition, you might not be able to work while you’re caring for them. Life insurance for kids would pay out, and could help cover the cost of running your home while you’re not working.

Life insurance for children is a bit like a health insurance for children. Although it doesn’t specifically insure for medical treatment, you could choose to spend the payout on treatment if it would help.

A child life insurance payout could also help towards funeral costs if the worst happened.

Does my child have to have their own child life insurance policy?

It’s not the norm to get life insurance for children only. Most of the time, parents don’t choose to get child-only health insurance or specific health insurance for kids. They generally get insurance for themselves, then add life insurance for kids to their policy.

What kind of life insurance for children can I get?

The most common kind of life insurance for children is known as ‘rider’ insurance. That’s when you add your children to your own life insurance. Sometimes, with these policies, you can also add critical illness cover to the policy.

There is also the option of getting term life insurance for children. This is where you pay a monthly premium to cover your child for a set time period (around five to 10 years), or until they reach adulthood. If your child tragically dies during the term, you’d receive a payout. You might think about getting term life insurance for children if your child’s too old to be added to your policy.

The final option is to get a life assurance policy for your child. This stays with them until adulthood and gives them cover throughout their life. It means your child will always have cover, even if they develop medical conditions later. You might have heard of this being called ‘baby insurance’ or ‘baby life insurance’. Child life assurance is expensive and rare.

How do I choose the best life insurance for children?

There are a few questions that you’ll need to ask yourself before you buy life insurance for kids. Knowing the answers to these questions will help you when it comes to getting a child plan.

  • Who do you want to cover? You can either get cover for yourself, or for you and your partner together. You can then add child life insurance to your policy.

  • How much of a payout do you want? You get two payouts with a child life insurance policy. The first is a payout for you, or for you and your partner. The second is a payout for each child.

  • How long do you want the life insurance for children? Your options can vary depending on which insurer you choose. The older you get, the more limited your options will be.

  • Is your child eligible for cover? When you buy child life insurance, UK providers will usually attach age restrictions. That means children have to be under a certain age to get added to your policy, such as 21 years and under.

Here’s how life insurance works.

How much can I claim on a life insurance for children plan?

There’s usually a limit on how much you can claim on child life insurance. There also tends to be a limit on the child’s age, and the critical illness that’s covered. You’ll need to read your life insurance for children policy documents carefully to see what the limits are on yours.

How much does a child life insurance plan cost?

  • The price of life insurance for children is based on several factors. This includes:

  • your age and your child’s age

  • how much cover you want

  • how long you want it for

  • your medical history.

Here’s how to cut the cost of life insurance.

What are the alternative to child life insurance?

There are lots of options when it comes to child life insurance. But, depending on what you’re looking for, life insurance for children might not be the right way forward for you.

If you’re looking for something to help your children if something happened to you, there are alternatives. You don’t really need life insurance for children.

If you only want your child to get a payout if you die, they don’t need their own policy. If you want the money to go to your child directly, you can set up your policy in trust, so they get it when they’re old enough.

If you want a payout that would support your children when you die, some insurers offer a family income benefit. This could help support your family with their monthly outgoings, like rent and groceries.

Here’s how to choose the right life insurance policy.

Child life insurance FAQs

Yes, some insurers offer policies that pay out a lump sum for each child. Check with each insurer for any cover exclusions before you apply.

Yes, for your child and for you, or you and a partner. Each insurer sets a payout for a child, which is usually smaller than the policy payout amount.

Only if the cause of death is covered in your policy, and is during the term of the policy. Here is more on how life insurance works.

You may find it harder to get cover if you have any health issues. Get as many quotes as you can until you get accepted for the cover you want.

Yes, but you may find it cheaper to have one policy that gives you the exact cover you need.

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