Mutual of Omaha Children's Whole Life Insurance
- Learn about Mutual of Omaha children's whole life insurance policies. Discover some available benefits and reasons for buying life insurance for children.
If you're looking for a way to invest in your child's or grandchild's future, Mutual of Omaha children's whole life insurance is one option. These policies are designed specifically for kids, but they can help you lock in affordable rates for life.
About Mutual of Omaha Life Insurance for Children
Mutual of Omaha sells whole life insurance for children. As long as you pay the monthly premiums, these policies last throughout your child's entire life — including adulthood. You can choose from coverage amounts ranging from $5,000 to $50,000.
Benefits of Children's Whole Life from Mutual of Omaha
Like an adult whole life policy, children's whole life insurance comes with a guaranteed death benefit; you can choose the coverage level when you buy. It's also possible to increase that coverage later up to the $50,000 maximum. As your child grows, the policy may accumulate a cash value.
Why Would You Buy Life Insurance for a Child?
The main reason to buy life insurance for children is to take advantage of low costs. The monthly premiums for whole life policies are typically based on the age and health of the insured. In other words, childhood is usually the cheapest time to buy.
Mutual of Omaha children's whole life premiums stay the same for as long as you hold the policy. By purchasing insurance while your little one is young, you can lock in those low rates for decades to come. That way, you can rest assured that the premiums will never increase, even if your child develops a health condition later in life.
Mutual of Omaha children's whole life policies stay active, regardless of occupation. If your child decides to enter a high-risk career as an adult, they won't need to worry about getting approved for life insurance. Keep in mind that coverage maxes out at $50,000, which may not be enough for an adult, so your child may still need to buy additional insurance.
If your child holds their whole life policy for long enough, it has the potential to build a sizable cash value. They can then borrow against that value when they need financing. In some cases, they may be able to cash in the policy after a certain period of time.
What Are the Age Limits for Children's Whole Life Insurance?
Mutual of Omaha issues whole life policies to children between the ages of 14 days and 17 years. This is different from traditional whole life insurance, which is usually restricted to people aged 45 to 85.
Getting Approved for Children's Whole Life from Mutual of Omaha
The Mutual of Omaha application process is short; typically, you'll need to answer a few questions about your child's health. Assuming they are within the approved age range, the company will usually approve the policy.