What is dependent life insurance?

A happy couple share a laugh and are happy to learn more about dependent life insurance thanks to SelectQuote.

Dependent life insurance is typically offered as an add-on to your existing life insurance policy, such as a child rider, but it can also be defined as juvenile whole life insurance. Your life insurance policy may have limitations around what it will cover, but that’s where SelectQuote comes in. This blog will talk more about the benefits of dependent life insurance, if it’s right for you and your family, how to find coverage and more. 

How can I get dependent life insurance? 

You can find a couple different options for dependent life insurance by working with SelectQuote. The two primary types of dependent coverage we can help you explore include juvenile whole life insurance or adding a child rider to your existing life insurance policy.

  • Juvenile Whole Life Insurance: Juvenile whole life insurance is a permanent life insurance policy that is purchased for your child. This kind of policy is primarily intended to pay for final expenses in the tragic event of the death of a child. It can also be used to grow and accrue a cash value for a child to access in adulthood.
  • Child Rider: A child rider is an add-on to an existing life insurance policy that would pay out a death benefit if the unexpected were to happen to your child. Child riders are also a way to protect a child’s insurability, as they can often be transferred into a whole life insurance policy at a later date. 

What are the benefits of purchasing dependent life insurance?

The greatest benefit of purchasing dependent life insurance is the same as buying any other life insurance policy: peace of mind. No matter how old or young, expected or unexpected, the loss of a loved one can be devastating and the last thing you want to worry about is the cost of final expenses. If you’re looking to add a child rider or buy whole life insurance for a dependent, some of the benefits to consider are:

  • Covering funeral expenses and medical bills
  • Growing a cash value for the child to obtain at a later date
  • Converting to greater life insurance coverage at later date without a medical exam

SelectQuote Can Help You Navigate Your Dependent Life Insurance Options

Whether you’re considering adding a child rider to your current life insurance policy or are interested in learning more about juvenile whole life insurance, we can help you explore your dependent life insurance coverage options. Our life insurance calculator can help you gain a better idea of how much coverage you might need and then we can compare costs from some of the most trusted life insurance carriers on your behalf in just minutes.

We do the shopping. You do the saving.