What is a Juvenile IUL?
A Juvenile Indexed Universal Life (IUL) policy is a life insurance plan for children that not only provides protection but also builds cash value over time. This cash value can later be used for education, weddings, home purchases, or even starting a business.
Who qualifies for a Juvenile IUL?
Any child from birth through their teenage years can qualify for a Juvenile IUL, provided they meet basic health requirements. The earlier the policy is started, the more powerful the financial benefits become over time.
How much does a Juvenile IUL cost?
The cost depends on the child’s age, health, and the amount of coverage chosen. Parents can often start a plan with affordable monthly contributions that grow into significant long-term wealth.
When can my child access the money?
The cash value in a Juvenile IUL builds over time and can typically be accessed during major life milestones. This includes college expenses, weddings, buying a car, starting a business, or even purchasing property.
How long do I have to pay into the policy?
Parents usually pay into the policy for a set number of years, but the structure is flexible. Contributions can be adjusted depending on family goals, with the goal of ensuring the plan grows consistently for the child’s future.
What happens if I die or my child dies?
If a parent passes away, the policy remains intact, and the child’s financial foundation is protected. If the child passes away, the policy provides a death benefit to the family, ensuring financial stability during a difficult time.
Can my child get more insurance later?
Yes. One of the biggest advantages of starting a Juvenile IUL early is that it guarantees insurability. This means children can purchase additional coverage as adults, regardless of changes in their health.