Mutual of Omaha offers a great children’s Whole Life policy for ages 0 years old to 17. It goes from a very small amount up to $50,000. It is the most standard children’s whole life plan you’ve ever seen in your life! Premiums never go up, the insurance amount stays the same and every single children’s whole life policy generates cash value. This means you can increase your insurance amount at 25, 30, 35, and 40 years old; or when you have a life event such as you get married, adopting a kid, buying a house, etc. A lot of times, a grandparent or parent buys their child a children’s whole life policy they transfer ownership so now the child owns the cash in the policy and it is building up over time.

The person or the proposed insured, AKA the child, they can use the policy they got from the grandparents or their parents and add to that. That means they never have to buy permanent life insurance again, there’s very minimum health questions on the application, there’s a waiver premium, and all kinds of cool riders you can add to the policy. It helps cover costs associated with an unexpected loss. It’s great for parents looking to provide protection for a child’s future insurability, you know a lot of people that run into health challenges down the road. If you have a children’s whole life policy while you’re young, you can add to it based on your health when you were a child and got the policy.

There is very little underwriting and very little cost because these are whole life insurance policies for kids. It is very affordable with only two health questions. It has a guaranteed insurability rider, and it is one of those applications that the grandparents can get and the proposed insured obviously doesn’t have issues because they’re going to be 17 or younger. It is made for grandparents and parents to get their children set up for financial stability moving forward. It is a great way to start a permanent life insurance policy before the person really even becomes an adult.