Adult Children Life Insurance Rates (2021)
Adult children life insurance can help you to be able to afford funeral expenses if your child passes away during your lifetime. The average life insurance rates are $26 a month, but adult children life insurance rates will vary depending on the sex, age, and health status of your adult child. In order to buy adult children life insurance, you will first need their consent and be able to prove they have an insurable interest.
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UPDATED: Aug 30, 2021
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- You will need your adult child’s consent to be able to take out a life insurance policy on them
- Adult children life insurance can be particularly worth considering if your child is struggling financially
- The cost to buy adult children life insurance will vary depending on their sex, age, and health status
If you’re looking for adult children life insurance, you may have a few questions.
How much are adult children life insurance rates and why is insurable interest so important? And what should I do if my parents took out a life insurance policy on me?
Keeping reading to have all of your questions about adult children life insurance answered.
Looking for affordable adult children life insurance? Enter your ZIP code above to get free quotes from the top adult children life insurance companies in your area.
Why should I buy life insurance for my adult child?
Even if your child is an adult, buying life insurance for your grown child can prove to be beneficial in a variety of ways.
No one wants to think about losing a loved one, but it’s important to be prepared so you’re not overwhelmed with expenses down the line.
Taking out a life insurance policy on your adult child can help with funeral costs in the event of their death. This can be especially helpful if your child is struggling financially.
The financial payout from the death benefit would help to cover the costs of things like after-death expenses and any medical bills or debt that hadn’t been paid.
Adult children life insurance may also be worth considering if your child has children of their own.
If your child passed away and you were suddenly responsible for taking care of their children, the policy’s payout would help you to pay for the cost of caring for their children or hiring someone to provide care for them.
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How can I buy adult children life insurance?
When it comes to buying adult children life insurance, you’ll need to prove that your child has an insurable interest. With insurable interest, you must prove that you would suffer a financial loss if the insured person were to die.
The reason for this is to ensure the policy is valid, legal, and to make sure that you’re not taking out an insurance policy for personal gain.
While there are many situations where it would be easy to prove insurable interest in your child, there are some situations where it may be difficult to prove because of the fact that they are an adult.
You will also need to have your child’s consent to take a policy out on them, and they may need to answer a few health-related questions.
How much are adult children life insurance rates?
The cost to take out a policy on your adult child will vary depending on factors like the sex of your child, their health status, their age, and the policy’s death benefit amount.
For example, if you want to take out a $100,000 30-year term life insurance policy on your 25-year-old son, assuming he is in good health, it would cost $20.01 a month on average.
However, buying the same life insurance policy for your 25-year-old daughter in good health would cost $15.40 a month.
Life insurance rates by age get more expensive as you get older, and females usually pay less for life insurance.
The table below will give you and idea of what you might pay for a $500,000, 20-year term policy.
|Age & Gender||Preferred Plus Annual Rates||Preferred Annual Rates||Standard Annual Rates|
|30-Year Old Male||$228||$294||$421|
Because costs can vary based on many different factors, it’s always important to shop around to get the best prices.
Before you buy adult children life insurance, enter your ZIP code below to get free adult children life insurance quotes.