Question 1

Can you have multiple beneficiaries?

Accepted Answer

Yes, life insurance policies typically allow multiple beneficiaries. Generally, there are three types of beneficiaries.

Primary: The person who is first in line to receive benefits upon your death.
Contingent or Secondary: Beneficiaries who may receive your policy’s death benefit in place of the primary beneficiary if the primary beneficiary is either unreachable or deceased.
Co-beneficiaries: If you list multiple primary beneficiaries, they are considered co-beneficiaries.

Question 2

Can you get life insurance for your children?

Accepted Answer

Yes, you can get life insurance for your children. However, you need to consider the cost and the benefits the policy offers. While it may help financially if your child unexpectedly passes away, it may not be something new parents should prioritize. Child death cases are also statistically slim. Additionally, the coverage amount is typically small.

Question 3

What is a child insurance rider?

Accepted Answer

Life insurance riders allow you to get additional protection. A child insurance rider covers funeral and burial expenses. This will allow the family time to grieve and focus on coping with the loss of their child and not expenses. Unlike regular insurance, child insurance riders typically come in units of $1,000. It is important to note that adding this rider will slightly increase your insurance premium.

Life Insurance Guide for New Parents

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