Life Insurance for grandchildren
If you are a grandparent and you want to purchase insurance for your grandchildren, it is possible. The process is straightforward; all that is needed is a simple application form to be submitted with or without the medical examination. There is no need to get any permission from your grandchildren’s parents; insurance for your grandchildren can be purchased without their consent.
It is possible to buy only whole life insurance for your grandchildren. This permanent policy provides lifetime coverage to your grandchild. Further to the death benefit, the policy also builds a cash value that grows over time. It works as a saving component of the policy that can be used later at any time. The coverage amount ranges from $5,000-$50,000 depending on the companies chosen. It is cheaper to lock in an insurance policy for the child at an early age.
There is a guaranteed acceptance for this insurance. Rejection rarely that too only in the case of any chronic health condition.