Children’s Life Insurance from New York Life
Group Life Insurance through your alma mater can provide the financial protection your family needs. Protect the people you love.
Children’s life insurance protects insurability. Once insured, those covered by this plan can remain insured for life. Children can even increase their coverage at age 23, regardless of adverse changes in health1. This coverage can also provide funds for a funeral.
When a parent is insured, each child age 15 days to 18 years can become insured for $10,000 and remain covered until age 23.1 All children are insured for one premium of just $3 per month…just 10 cents a day.
The parent who applies for children’s insurance is the beneficiary.
As long as the parent is also insured, children can remain covered until age 23. Then they can request an increase in their coverage to $25,000 or more. They may remain insured on their own as adults even if no parent remains covered.
1A one-time offer will be made at age 23 (at age 25 in CA and Ok, and at age 24 in TX).
Frequently Asked Questions
I am applying for life insurance. How do I apply for coverage for my children?
A parent completes the Children’s Life Insurance Enrollment online or using our downloadable Form, and submits it with the parent’s own request or at any time thereafter.
If the parent cannot truthfully make the Statement of Good Health on behalf of all children, only children to whom the Statement applies should be listed; children not listed will not be insured. Children born after this insurance begins, however, are covered automatically on the later of (1) age 15 days and (2) release from the hospital.
The parent is informed of the effective date of children’s insurance, and premium is paid with the parent’s premium. If that parent dies, all future premiums for children’s insurance are waived.
I already have life insurance through this Alumni insurance program. How do I apply for coverage for my children?
Please completes the Children’s Life Insurance Enrollment online or using our downloadable Form, and submits it with your account number
If the parent cannot truthfully make the Statement of Good Health on behalf of all children, only children to whom the Statement applies should be listed; children not listed will not be insured. Children born after this insurance begins, however, are covered automatically on the later of (1) age 15 days and (2) release from the hospital.
The parent is informed of the effective date of children’s insurance, and premium is paid with the parent’s premium. If that parent dies, all future premiums for children’s insurance are waived.
What is the premium for children's life insurance?
When a parent is insured, each child age 15 days to 18 years can also become insured for $10,000, all of them for just one premium of $3.00* a month…that’s just 10 cents a day.
Who is the beneficiary on children's life insurance?
The parent who applies for children’s insurance is the beneficiary.
How long can a child remain insured under children's life insurance?
As long as the parent is also insured, children can remain covered until age 23. Then, they can request an increase in their coverage to $25,000 or more, and if they remain insured on their own as adults, they may do so whether or not a parent remains covered.
Who is eligible for this coverage?
Eligibility: When a parent is insured, each child age 15 days to 18 years can also become insured. If the parent cannot truthfully make the Statement of Good Health on behalf of all children, only children to whom the Statement applies should be listed; children not listed will not be insured. Children born after this insurance begins, however, are covered automatically on the later of (1) age 15 days and (2) release from the hospital.
Carrier
Children’s life insurance is available in the United States (except Alaska, Oregon, South Dakota, Vermont and Washington state) territories and possessions. Insurance is underwritten by New York Life Insurance Company (NAIC ID # 66915) 51 Madison Avenue, NY, NY 10010 on policy form GMR FACE G-16000 issued to The Collegiate Alumni Trust. New York Life is domiciled in the State of New York and is licensed to do business in the 50 United States, the District of Columbia, Puerto Rico, and Canada. Information sent will include details of coverage including renewability and exclusions. See Licensed Agents page for detailed information. Eligibility is limited: Click here for more information.
New York Life Insurance Company, founded in 1845 and a recognized leader in the group insurance field, is one of the largest and most respected life insurance companies in the nation. New York Life has received the highest possible ratings for financial strength currently awarded to any life insurer by all four major ratings agencies. Click here for current ratings.
Questions?
If you need a quote or an application or simply have questions, call 800-635-7801, or email info@meyerandassoc.com. Trained customer service representatives will be happy to provide the information you need. And naturally you’ll be under no obligation.