I’m occasionally asked about adding a child rider on to a new life insurance policy. I say occasionally because the truth is that most parents don’t want to talk about children’s life insurance. One of those taboo things.

Being a parent and a life insurance agent I can talk about both sides of that issue. I certainly have a discomfort level about discussing the possibility that one of my kids might die and that gets compounded a bit when you actively take out life insurance in case that does happen.

Being a life insurance agent I can walk the side of the issue that looks at it as a business decision. If your child passed away would you have enough money, without causing financial duress, to take care of final expenses, the medical bills and burial? If the answer is no then a child rider or a stand alone child policy is a consideration.

Personally I think a child rider is a bit on the pricey side compared to a stand alone policy. The policy I generally recommend is the Illinois Mutual Childguard product. For a one time payment of $300 it provides $5,000 coverage from 0-12, $10,000 from 13-18, and $15,000 to age 23. At age 23 it is convertible to a policy of up to $100,000 without any underwriting. A comparable child rider would cost somewhere around $50 to $60 a year.

Bottom line. Life insurance for children is a sensitive subject, but one worthy of an adult conversation.