Juvenile Life Insurance
Definition - What does Juvenile Life Insurance mean?
Juvenile life insurance is life insurance that insures children, typically under the age of 15. Juvenile life insurance is typically a permanent life insurance that has a savings component. So in addition to providing benefits which can be used to pay for burial and funeral expenses in the event of an unexpected death, juvenile life insurance can also be used as an investment vehicle.
Insuranceopedia explains Juvenile Life Insurance
The savings that accumulate in a juvenile life insurance policy are typically tax deferred. This can make them an attractive option to investors. After the juvenile becomes a young adult or an adult, he or she can use the accumulated savings to pay for things such as college tuition or wedding expenses. Many juvenile life insurance companies even guarantee that their policies will continue to accumulate cash value no matter what is happening in the financial markets.