Life Insurance Before 18

Many providers will not offer a standard contractual life insurance policy to those under the age of 18. This is because any type of contractual agreement usually requires the signature of an adult. It is possible to find life insurance before 18 but it is not a very competitive market. If you are under the age of 18 or if you are looking into insurance for one of your children, then there are options available and there is some annuities information you should review.

One of the reasons it can be hard to find life insurance under 18 is that many providers need some sort of guarantee that you will actually be able to pay the premiums. If you are still in school and unemployed or employed only part time, then this may not be possible. If this is the case then insurance providers are a little weary of offering coverage without some sort of promise that they will get paid.

Life Insurance for Minors

One of the reasons you may be looking for life insurance before 18 is if you have a family. While most couples will wait until they are in their twenties or thirties to have children, sometimes this happens a little bit before then. If you are a teen parent then you may wish to look into an insurance policy in case of your death. A term life insurance policy can offer you reasonable premiums and a pay out if you are killed. You may not want a policy with a lot of protection - just the bare minimum to help your family out if something does happen to you.

Another instance where you may require life insurance at 18 is if you are working in a dangerous industry. While worker's compensation will offer your family some sort of benefits, it may not be enough. You may wish to get a term life insurance policy to insure your life just in case something bad does happen when you are testing the limits at work.

Or, if you are under the age of 18 and have made a large purchase it is also a good idea to look into life insurance. If, for example, you have purchased a $60,000 car and are paying it off on a loan, then you may wish to purchase term life insurance so that, if you are killed and thus cannot make the payments, your family is not left with a bill they cannot afford. This is also true if you have purchased a home or any other large purchase. However, in most cases, if you are under 18 you will need a co signer for any large purchase and for any life insurance policy.

Child Life Insurance

If you are a parent looking into life insurance for a child under 18 then one option is to have his name as a beneficiary on your life insurance policy. If your son is named as a beneficiary on your policy then he will be able to inherit the money if you do pass. However, if he is under the age of 18 you will need to assign a guardian to manage the funds until he turns 18. Another option is to purchase a child life insurance policy.

Life insurance before 18 may not be common but in some instances it is a necessity. If you have started your life of independence at a younger age than what is traditionally seen as 'adulthood' then you can find life insurance. You just may need an adult to co-sign your policy for you. Think about all your avenues when looking into life insurance for minors to find the most suitable policy.

Free, no-obligation quotes from multiple companies

Your information is safe and secure

"Thanks for making it so easy!" - Marlene Q, Austin TX