Life Life insurance for Children - happens in US, what about Ireland?

odyssey06

Registered User
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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.
 
Only ever came across there being a €4,000 payment as part of the parent's policy.

Ireland is too small a market for something like that to be offered. Too many parents won't spend money on taking out life cover on themselves, never mind insuring their child. There such a low chance of a claim and the financial loss from the death of a child is more or less restricted to the cost of a funeral.

A person can't be denied a loan because they can't get life cover.


Steven
www.bluewaterfp.ie
 
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