Alternate Option: Child Rider
Another price consideration we have to mention when we talk about the pros and cons of child life insurance is the difference between individual policies and child riders.
A child rider is an extension of your policy that also covers all your children (natural, step, and adopted). It pays a small death benefit if any of them pass away before you. The best part is the price. Depending on the amount of death benefit you select, this additional coverage can be as little as a few dollars a month.
The catch? Most insurers do not let you add a child rider if you already had children when you bought your policy. If you didn’t have kids when you bought your policy, most insurers will let you add the child rider later.