New stand-alone plan helps parents start lifelong protection for children
COLUMBIA, S.C. (Sept. 12, 2016) — Parents and grandparents have a new option to begin a lifetime of affordable protection for children through a new juvenile whole life insurance plan from Colonial Life.
“The younger a person is when life insurance coverage starts, the lower the cost,” said Pam Jenkins, assistant vice president for product and market development at Colonial Life. “The premiums on this whole life plan are guaranteed to remain the same for the life of the policy, so childhood is the ideal time to secure the lowest rate.”
In fact, LIMRA’s 2015 Insurance Barometer Study says 46 percent of those who purchase juvenile life insurance do so to lock in a low rate.
Buying whole life for children also protects them against the chance an unexpected accident or illness could make life insurance more expensive — or even unavailable — later on.
Offered as a voluntary benefit
Colonial Life’s new juvenile whole life plan is offered as a voluntary benefit to employees through the workplace. Employees can select this coverage for their children, grandchildren, step-children or adopted children as a separate policy, whether or not they buy coverage for themselves.
They can choose coverage amounts from $10,000 to $300,000, with options to increase the amount when the child turns 18, 21 and 24 without any health questions. Ownership of the policy may transfer to the child at age 18.
Just like adult coverage, the juvenile whole life plan also accumulates cash value at a guaranteed rate as long as the policy is in effect. That means the parent — and later, the child — always knows the amount of the death benefit and cash value.
“Life insurance can be the start of a sound financial plan at any age, for protection now and in the future,” Jenkins said.
The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations that may affect any benefits payable.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support 85,000 businesses and organizations, representing 3.5 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life. Colonial Life is a registered trademark and marketing brand of Colonial Life & Accident Insurance Company.