Juvenile Coverage Guidelines
JUVENILE COVERAGE GUIDELINES
Death benefit protection may not be something we want to think about for an infant or child. However, juvenile life insurance provides several benefits even when your family remains happy and healthy like we all hope it will.
BENEFITS INCLUDE:
- Additional future life insurance coverage that is guaranteed1 as long as the policy remains in force
- The opportunity for tax-deferred cash value accumulation over the long term
- Access to cash value once the amount is sufficient, through loans and withdrawals;2 providing funds that could be put toward such things as college tuition, a wedding, or a future home
- Potential for a tax benefit3 through the annual gift tax exclusion
1 Provided through a Guaranteed Insurability Rider, available at an additional cost. Guarantees based on the claims-paying ability of the issuing insurance company. For all in force coverage not with a Transamerica Affiliate company, a copy of the policy page(s) providing the face amount and premiums is required.
2 Loans and withdrawals will reduce the policy value and death benefit and may increase the chance of the policy lapsing. Loans are subject to interest charges. If a policy lapses while a loan is outstanding, adverse tax consequences may result. Policy owners should consult with and rely on their tax advisor regarding their particular situation.
3 The company and its agents and representatives do not give tax or legal advice. Any tax and/or legal advice policy owners may require or rely on regarding this material should be based on their particular circumstances and should be obtained from an independent attorney.