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Children's group term life insurance is intended mostly to protect insurability. Once insured, those covered by this plan can remain insured for life. This coverage can also provide funds for a funeral which costs, on average, about $6,560*.
When a parent is insured, each child age 15 days to 18 years can also become insured for $10,000, all of them for just one premium of $3 a month...that's just 10 cents a day.
The parent who applies for children's insurance is the beneficiary.
As long as the parent is also insured, children can remain covered until age 23. Then, they can request an increase in their coverage to $25,000 or more, and if they remain insured on their own as adults, they may do so whether or not a parent remains covered.
*National Funeral Directors Association (NFDA), 2010
New York Life Insurance Company, founded in 1845 and a recognized leader in the group insurance field, is one of the largest and most respected life insurance companies in the nation. New York Life has received the highest possible ratings for financial strength currently awarded to any life insurer by all four major ratings agencies; A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor’s (AAA) and Moody’s Investors Service Aaa). *Source: Third Party Rating Reports (as of 4/18/2012).
Special Event Insurance through your Alumni Insurance Program can provide up to $2 million of coverage
Revenue earned through this program will help to support the alumni association.