Apparently in the US, parents and grandparents often take out life insurance which kicks in after 15 days for children, known as a "children's insurance rider".
In some cases this is done in case of funeral expense.
But the primary driver appears to be in case the child is later diagnosed with a serious illness that would prevent them from getting life insurance in their own right. That would make it difficult for them to get mortgages and other loans etc.
For an extra charge, at 21, the child can convert the policy into an adult policy without providing "evidence of insurability" or undergoing medical tests etc
Has anyone come across this in Ireland? Quick google of the available policies in Ireland and they seem to have some sort of cover for children as a benefit of an adult policy, but without the convertible nature.
In some cases this is done in case of funeral expense.
But the primary driver appears to be in case the child is later diagnosed with a serious illness that would prevent them from getting life insurance in their own right. That would make it difficult for them to get mortgages and other loans etc.
For an extra charge, at 21, the child can convert the policy into an adult policy without providing "evidence of insurability" or undergoing medical tests etc
Has anyone come across this in Ireland? Quick google of the available policies in Ireland and they seem to have some sort of cover for children as a benefit of an adult policy, but without the convertible nature.