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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. The median cost of a funeral is about $7,045.*
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), 2012
Children’s life insurance is available in the United States (except Oregon, South Dakota, Vermont and Washington state) territories and possessions. Insurance is underwritten by New York Life Insurance Company (NAIC ID # 66915) 51 Madison Avenue, NY, NY 10010 on policy form GMR FACE G-16000 issued to The Collegiate Alumni Trust. New York Life is domiciled in the State of New York and is licensed to do business in the 50 United States, the District of Columbia, Puerto Rico and Canada. Information sent will include details of coverage including renewability and exclusions. See Licensed Agents page for detailed information. Eligibility is limited: Click here for more information.
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 (AA+) and Moody’s Investors Service (Aaa). **Source: Third Party Rating Reports (as of 8/1/2013).
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Revenue earned through this program will help to support the alumni association.