Jumping Juvenile Policy
What Does Jumping Juvenile Policy Mean?
A jumping juvenile policy is a life insurance policy taken out for a child, typically by a parent. The policy’s value increases when the child reaches 21 years of age, but the premium remains unchanged. If the policy is continued at that age, the insurer will not require any additional conditions, such as a medical examination, to maintain coverage.
Insuranceopedia Explains Jumping Juvenile Policy
The parent is the applicant for a jumping juvenile insurance policy, as minors are not allowed to purchase insurance products.
The insurable age for a juvenile can vary, but the maximum age for insuring a child is typically 15 years old.
While decisions about the insurance are made by the adult who purchases the policy, control of the policy can be transferred to the child once they reach 21 (or the age specified in the contract).
Jumping juvenile policies are often purchased to help finance a child’s college education, provide them with insurance when they reach adulthood, or simply provide funds when the child turns 21.
