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It’s About a WOMAN’S LIFE®
6 Reasons to Purchase Life
Insurance for Children
Many people wonder if their children or which could run into the thousands and create a fi-
grandchildren need life insurance. It’s nancial hardship for your family. Having life insurance
true that the initial purpose of life insur- for your children can provide the peace of mind that
ance was to replace the income of a comes with knowing those costs will be covered
household’s primary breadwinner. However, there are should tragedy strike.
other valid reasons to consider life insurance for your
children or grandchildren. 5 The Rate is Locked In
Purchasing life insurance today will lock in
1 Protect Their Insurability their rate for the life of the policy. The premi-
One of the benefits of buying permanent life in- um will never increase, providing them with lifelong
surance for children is that, as long as all protection with no surprises. In addition, the death
premiums are paid, they will always be covered, re- benefit you select at application remains the same as
gardless of any future health issues. long as the coverage remains in force. With the pur-
chase of our Guaranteed Insurability Option Rider,
There are several factors that could affect your they will have the option to purchase additional life
child’s future insurability. High blood pressure, can- insurance coverage, without providing evidence of
cer, diabetes, and other health complications could insurability at specific ages as they get older.²
prevent them from buying insurance in the future.
Coverage purchased today, while they are young and 6 Benefits of Membership
healthy, can remain in place and help them protect When you purchase life insurance for your chil-
their loved ones and families in the future, even if dren or grandchildren from Woman’s Life
they develop health issues. Insurance Society, they become benefit members and
are eligible for our valuable Benefits of Membership.³
2 Build Cash Value These currently include a Scholarship Opportunity that
Whole life insurance plans build cash value can help them pay for college. Woman’s Life awards
over time. The longer the coverage is in place, four scholarships of up to $1,000 per year, renewable
the more cash value it accumulates. Your child can for up to four years of undergraduate study. They can
borrow those funds in the future for things like also help make their community stronger by participat-
buying a car, paying college tuition, or making a ing as part of an active Woman’s Life Chapter.
down payment on their first home.¹
Is purchasing life insurance for your children or
3 Coverage for Children is Affordable grandchildren right for your family? Speak with your
Two of the main factors in the cost of life in- Woman’s Life Representative or call our Home Office
surance are the insured’s age and health. at 800-521-9292 for complete details including costs of
When you purchase coverage for a young child, the coverage and available riders you may want to consider.
costs can be significantly lower than the same level
of coverage would be when they are older. ¹ Loans will reduce cash values and death benefit. Loans are subject
to an 8% per annum interest charge, which if not paid is added to
4 Peace of Mind the loan debt. The certificate will terminate if the loan debt equals
As parents (and grandparents, too) you worry or exceeds the cash value.
about your children. You worry about how
they’re doing in school, whether they’re eating their ² Guaranteed Insurability Option Rider provides the insured with
vegetables, or if they’re making good friends. There the option of purchasing additional life insurance coverage, without
are so many uncertainties in life. If the unthinkable evidence of insurability, at specific ages 25, 28, 31, 34,37, and 40) with
happened to your child, their life insurance coverage alternate options at marriage and birth or adoption of a child.
could pay funeral and other final expenses; costs
³Eligibility for fraternal benefits of membership is determined by
the Woman’s Life board of directors. Fraternal benefits may be
amended or discontinued by action of the board of directors.
FALL 2020 WOMANSLIFE.ORG 11
