Shopping for life insurance quotes for adult children isn't any different than it is for adults or seniors. Underwriting issues can vary a little but essentially life insurance quotes for adult children follows the same routine.
Where we do see a difference is in qualifying. Some companies don't allow you to buy more than (2) times what the adult parent has, other companies may use other multiples. Underwriting also considers the premium paying capabilities of the person being insured and etc.
A certain amount of caution exists when companies receive applications for children. A simple explanation on the back of the application will normally set everyone at ease. Being a advocate of carrying insurance myself my uncle bought a life insurance policy on my 2 year old cousin simple to get him started at an early age and lock in the cheap rates. It also started a modest savings plans built into the policy.
My uncle included a feature to be able to buy more over the years at certain intervals with the guarantee issue feature that if for some reason my cousin couldn't qualify because of a health issue the company had to issue the agreed option amount. Normally we don't consider those issue to ever come into place but I knew that things like that happened.
Guess what, (20) years later the cousin got married. After the wedding and the smoke cleared they bought a bungalow, settled in and my cousin decided he should purchase more insurance. Over the (20) period prior to marriage he had had migraine headaches and the issue was never resolved as to why so the doctor prescribed vicodin for pain relief. When my cousin applied for the newly wanted additional insurance he was told no because of the pre-existing condition.
My uncle remembered the guarantee option on the policy he bought him years ago and he exercised that option, and was issued as promised at normal rate, no questions asked.
So I certainly encourage anyone to find life insurance quotes for adult children. You just never know what lies ahead.
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