Term Life Insurance Insurance for Children
Covid-19 has caused people to re-prioritize their goals. Many never thought about buying life insurance for their children. Just the thought of receiving that benefit is scary.
This year, Covid-19 has become a very valid reason for this purchase. The unknowingness of the virus’s long term effects puts in perspective the need for future insurability.
Our term insurance for ages 0-30, can be converted to permanent insurance without a medical exam or proof of insurability anytime before it expires.
Convert to Permanent Insurance in the future without a Medical Exam
By paying a single premium, between the ages of 0 to 21, our term life insurance policy for children, offers a level death benefit, up to age 30.
At any time prior to age 30, you may be convert the term-policy to any premium Permanent Life Insurance plan.
The main benefit of this term policy, aside from piece of mind, is that this conversion is permitted without evidence of insurability, unless you want to change the benefit amount.
The Providence Association has always offered great life insurance products at reasonable rates. This is why we are trusted in our community. But with the Covid-19 Pandemic, many companies have begun to raise prices. In addition to higher rates, medical exams now include Covid-19 questions, which may delay the process – and a positive for Covid may mean a higher premium.
According to a survey done by Life Happens, many Americans have shifted focus about what their most important milestones are. And believe it or not, 75% of respondents said their main goal for this year is to get their Finances in order. Over half (55%) of respondents said this past year was the first time they specifically spoke with a loved one about life insurance. This was particularly true among millennials – with 65% agreeing with this statement.
“It’s unfortunate it takes an event like this to remind us that we’re all mortal and just one unforeseen event away from needing that policy. Things happen—accidents happen, pandemics happen—and it’s important we are protected,” says Brooks Tingle, president and CEO of John Hancock Insurance.
Term Life Insurance Benefits
- Temporary needs when cannot afford Permanent Whole Life
- Covers mortgages, loans, funding needs and other decreasing requirements for insurance
- BLEND COVERAGE: Enhance Whole Life Coverage
- Renewable to certain ages
- Convertible to Permanent Whole Life
- Affordable pure Life Insurance without cash value savings
Providence does not offer other types of term life insurance, but may be able to convert your current term life policy to a Whole Life Plan or Blend Coverage based on your needs and budget.
Permanent Life Insurance for Children
We offer permanent life insurance for kids too. It requires one payment and last for the lifetime of the insured. To check out more information about our One and Done Life Insurance plan.
We also offer a 20-pay permanent insurance plan for children. Our Gift of Love Life Plan offers coverage of $25,000 for less than $25 per month. Both insurance pans qualify your child for Providence scholarships.