In this situation, a child term rider gives your children life insurance protection up to a set age, usually until they are in their mid-20s, depending on your policy. Once they reach the specified age, they can frequently change that protection into lifetime permanent coverage.
What is insurance?
- An effective way to guard against financial loss is insurance.
- It is a method of risk management that is primarily employed to protect against the risk of a potential loss.
- An organization that offers insurance is referred to as an underwriter, insurer, insurance business, or insurance carrier.
- A person or company that purchases insurance is referred to as a policyholder, while someone or anything that is protected by the policy is referred to as an insured.
What advantages does insurance offer?
- The settlement of losses is the clearest and most significant advantage of insurance.
- A contract known as an insurance policy is used to compensate people and organizations for insured losses.
- Managing the uncertainty of financial flow is insurance's second advantage.
- When covered losses happen, insurance pays for them.
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