What is a juvenile life insurance policy?

Juvenile life insurance policies are specifically designed to provide coverage for children, typically those under the age of 18. These policies act as a financial safety net for parents or guardians in the event of a child's death, helping to cover funeral costs, medical expenses, or other financial obligations that may arise.

There are typically two types of juvenile life insurance policies - term and whole life. Term policies provide coverage for a specific period of time, while whole life policies provide coverage for the child's entire life as long as the premiums are paid.

Juvenile life insurance policies can also serve as an investment tool, as they often accumulate cash value over time that can be borrowed against or used to supplement the child's education or other expenses later in life.

It is important to carefully consider the amount of coverage needed, as well as the terms and conditions of the policy, before purchasing a juvenile life insurance policy. Consulting with a financial advisor or insurance agent can help determine the best policy for your child's needs.