Preheader

 

Get A Quote Service Contact Refer About Home Page
 


Auto Home Business Insurance Life Disability
Home > Blog > 5 things to know on children's life insurance
  • Main Menu
    • Home Page
    • Make a Payment
    • Refer a Friend
    • Join Our Newsletter
    • Important Links
    • Calculators
    • Important Files
    • Insurance Glossary
    • View our Blog (88)
    • Location Map
    • Employee Directory
    • Contact Us
    • About Us
    • Privacy Policy
  • Automobile
    • Automobile Insurance Home
    • Auto Accident Claim
    • Add Auto
    • Delete Auto
    • Add Driver
    • Order Auto ID Card
    • Auto Quote, please!
  • Homeowners
    • Homeowners Insurance Home
    • Property Loss Claim Form
    • Report Change of Address- HOME
    • Request Evidence of Home Insurance
    • Home Quote, please!
  • Renters
    • Renters Insurance Home
    • Renters Property Loss Claim Form
    • Renter's Quote, Please!
  • Motorcycle
    • Motorcycle Insurance Home
    • Motorcyle Quote, please!
  • Business & Commercial
    • Business & Commercial Insurance Home
    • Commercial Auto Insurance Quote
    • General Liability Quote Form
    • Commercial Auto Accident Claim
    • Business Owners (BOP) Quote Form
    • Request Certificate of Liability Insurance
    • Builders Risk Insurance Quote
  • Bonds
    • Bonds Home
    • Bond Order Form
  • Health
    • Health Insurance Home
    • Disability Insurance Quote
    • Long Term Care Insurance Quote
  • Life
    • Life Insurance Home
    • Change of Address - Life Insurance
    • Life Quote Request
  • Workers Compensation
    • Workers Compensation Insurance Home
    • Workers Compensation Quote
  • Rental Property Insurance
    • Rental Property Insurance Insurance Home
    • Rental Property Quote Form
  • Employee Benefits
    • Employee Benefits Insurance Home
    • Employee Benefits Quote
  • Condominium
    • Condominium Insurance Home
    • Condo Quote, please!
  • Commercial Auto Insurance
    • Commercial Auto Insurance Insurance Home
    • Add Auto
    • Order Auto ID Card
    • Delete Auto
  • Liquor Based Business
    • Liquor Based Business Insurance Home
    • Liquor Liability Quote Form
  • Watercraft & Boat
    • Watercraft & Boat Insurance Home
    • Boat Quote, Please!
  • Other
    • Other Insurance Home
    • Exit Survey
    • Claim Survey
    • New Quotes, Please!
FRIDAY, JUNE 10, 2016

5 things to know on children's life insurance

Policies for children represent a small fraction of the life insurance market, but they made the news this week after a court hearing for a Georgia man accused of killing his young son by leaving him in a hot car.

Testimony and court documents revealed that Justin Ross Harris and his wife had two life insurance policies for 22-month-old Cooper Harris, one for $2,000 and one for $25,000.

Prosecutors have portrayed the 33-year-old Harris as an unhappy husband who was exchanging nude photos with several women. Defense attorneys say the death was a tragic accident. Harris remains in jail charged with murder and child cruelty.

The insurance policies were mentioned among numerous details from the evidence against Harris and weren't singled out by prosecutors in their arguments.

Still, the case has drawn attention to policies that families sometimes purchase for children. Here are five things to know about the children's life insurance market.

— HOW DO THE POLICIES FOR CHILDREN WORK? The policies are typically purchased by parents, grandparents or anyone directly related to the child, according to Steve Weisbart, chief economist for the Insurance Information Institute.

Premiums paid into the policies vary according to the terms. Generally, the higher the death benefit — what's paid out to beneficiaries if the insured person dies — the greater the premium. Insurers require that anyone buying the policy have an "insurable interest" in the person covered, meaning the buyer wants the person covered to actually live.

— INSURERS ATTACH CONDITIONS TO THE DEATH BENEFIT. Insurers require documentation of how a covered individual dies, and the policies will not pay out if the beneficiary is convicted of murdering the person covered.

— POLICIES CAN BE SAVINGS DEVICES. Life insurance policies typically have a cash value while the covered person is still living, with the amount based on premiums that have been paid over time. Often, a parent or grandparent buys a policy with the intention of giving the child the option later in life of using the policy as a cash source.

Read More: Source

Posted 4:44 PM

Tags: insurance, life, child, family
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2017
  • 2016
  • 2015

  • insurance(76)
  • tips(35)
  • home(27)
  • life(24)
  • homeowner(19)
  • auto(14)
  • safety(14)
  • car(10)
  • holiday(7)
  • health(7)
  • business(6)
  • claims(6)
  • house(6)
  • family(4)
  • homeowners(4)
  • rates(4)
  • policy(4)
  • winter(3)
  • money(3)
  • commercial(3)
  • long-term(3)
  • mistakes(3)
  • claim(3)
  • children(3)
  • halloween(3)
  • new year(2)
  • disability(2)
  • accident(2)
  • thanksgiving(2)
  • renters(2)
  • save(2)
  • long-term care(2)
  • value(2)
  • theft(2)
  • dog(2)
  • funny(2)
  • women(1)
  • dental(1)
  • texting(1)
  • permanent(1)
  • financial(1)
  • quote(1)
  • retirement(1)
  • texas(1)
  • valentine(1)
  • traffic(1)
  • inventory(1)
  • weekend(1)
  • employee(1)
  • renter(1)

View Mobile Version
Our Latest Insurance News
more...

Our Clients Say
more...
  • Erie
  • Foremost
  • Grange
  • Hagerty
  • Hartford
  • Progressive
  • Sacefo
  • State Auto
Home
About Us
Refer A Friend
Contact Us
Customer Service
Make a Payment
File a Claim
Contact Us
Auto Insurance
Home Insurance
Business Insurance
Life Insurance
Health Insurance
Other Insurance Types...
Mailing Address
999 N. Plaza Drive
Suite 630
Schaumburg, IL 60173
Contact Us
847.310.0400
nis@nwinsurance.com
Social
How Can We Help You?
or call us at
847.310.0400
Get A Quote My Policy Location Blog RSS Feed Insurance Website Builder Facebook Twitter Linkedin Blog RSS Feed Facebook Twitter Linkedin