Juvenile Life Insurance
What Does Juvenile Life Insurance Mean?
Juvenile life insurance is a type of life insurance that covers children, typically under the age of 15. It is usually a permanent life insurance policy that includes a savings component. In addition to offering benefits that can cover burial and funeral expenses in the event of an unexpected death, juvenile life insurance can also serve as an investment vehicle.
Insuranceopedia Explains Juvenile Life Insurance
The savings accumulated in a juvenile life insurance policy are typically tax-deferred, making them an appealing option for investors. Once the insured child reaches young adulthood, they can use the accumulated savings to cover expenses such as college tuition or wedding costs. Many juvenile life insurance companies also guarantee that their policies will continue to grow in cash value regardless of fluctuations in financial markets.
