What is it?
Children's life insurance is a group of low-cost life insurance policies, including term life insurance and whole life insurance, designed specifically for the needs of children and their caregivers.
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Why do I need it?
The best way to financially protect your family both now and in the future is by having adequate life insurance for each family member. Providing your children or grandchildren with their own life insurance policy gives them benefits above and beyond what your own life insurance policy offers them.
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What are my options?
SBLI offers two different types of low-cost children's life insurance policies: a term life insurance plan that covers your child for a specific period of time and for which you make only one payment, and a whole life insurance plan that covers your child for his/her entire life, as long as premiums are paid when due.
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Children's Term Life Insurance
SBLI's Children's Term Life Insurance, Single Premium Term to Age 22, is like most other term life insurance plans: it covers your child for a specific period of time - from when you purchase the policy until he/she is 22 years old.
Some of the benefits of owning an SBLI Single Premium Term to Age 22 policy:
- You make one low, one-time premium -- regardless of age.
- You can purchase this plan up until your child's 15th birthday.
- Your child is covered until he/she is 22 years old.
- Your child gets guaranteed insurability. On the anniversary nearest the 22nd birthday only, your child may convert the policy to any SBLI whole life insurance policy with a face value of up to twice the original policy, without having to prove insurability.
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Whole Life Insurance
SBLI's Whole Life Insurance policy is like other whole life insurance plans: your child is insured for his or her whole life, as long as the premiums are paid when due.
Some of the benefits of owning an SBLI Whole Life Insurance policy for your child include:
- You can lock in low premiums for life.
- Guarantees that your child will be insured in the future.
- Protects your child even if he or she develops health problems, as long as you continue to pay the premiums, the policy will remain active.
- A portion of your child's policy accrues cash value, which begins to grow as soon as you take out the policy.
- The cash value may be borrowed to help your child with future expenses, like a first car, first home, or college tuition.
- Your child may receive dividends on his/her policy.
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Children's Life Insurance Product Comparison Chart
| Single-Premium Term to Age 22
| Whole Life Insurance |
| Coverage | To age 22. | For Life. |
| Amounts Available | Min. purchase $5K, max. purchase $25K (in multiples of $5K). | Up to $25K for children age 15 days to 6 months. 10K to 100K for children age 6 months to 15 years. |
| Ages Available | 15 days to 15 years (actual birthday). | 15 days to age 80. |
| Riders Available | None. | None. |
| Convertible | Convertible on anniversary nearest the 22nd birthday (only) for up to twice the face amount to a Level Premium whole life policy. | N/A |
| Premium Payment Options | One-time payment. | One-time payment, annual, semiannual, quarterly, and monthly (monthly must be by Automatic Payment Plan only). |
| Free Look Period | 30 days. | 30 days. |
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What is the fine print?
- Our Children's insurance plans are available in: California (only Whole Life is available in CA), Delaware, District of Columbia, Maine, Maryland (only Single Premium Term is available in MD), Massachusetts, New Hampshire, New Jersey (only Single Premium Term is available in NJ), North Carolina, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia (only Whole Life is available in VA), and West Virginia.
- Paramedic exam: Children under 15 are not required to take a paramedic exam. The parent answers the medical part of the question (Part II) on the child's life. Children age 15 and older will be scheduled for a simple paramedic exam - at no cost to you - in the convenience of your home.
- Guarantee: All of our children's life insurance plans have a 30 day, money-back guarantee. Take time to make sure your policy is right for you.
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What is my next step?
Now that you've determined that a low-cost children's life insurance policy from SBLI is right for you, here's how to get the information you need to get started!
- Request information and an SBLI representative will call you to answer any questions about our children's life insurance products.
- Consult our Glossary of insurance terms
- Read more about the background of Massachusetts-based Savings Bank Life Insurance (SBLI), which has been providing life insurance since 1907.