If you are 35 weeks pregnant, it means that you are expecting your baby very soon, and you may have decided to re-examine your life insurance needs. You will soon have a new person depending on you. You are their only financial support, so you may need to add to your own insurance coverage. However, not just adults need life insurance; babies need it also.

As soon as you give birth, the marketing offers about child life insurance will start to roll in. You may even get promotional materials right at the hospital, and then some more when you get home.

Child life insurance is an extremely popular trend, and millions of people purchase insurance for their newborns. The families with many children often have all of their children insured. Child life insurance coverage is so popular due to the specific advantages that can only be obtained for a person in their childhood. That’s what we will discuss below.

First, the rates for this insurance will be locked in forever. If you are paying several dollars a month for it today, you will pay the same amount in 10 years and so on. As long as the parents (guardians, grandparents) continue making regular monthly payments, the cost of the premium will never increase.

Second, it’s the guaranteed insurability. If your child is insured with a particular company at a very young age (14 days to 14 years old) this company will guarantee the child’s future insurability with them. If the child wants to purchase more coverage in their adulthood, they will be able to do it without a hitch through their original insurer. Even if they develop any health conditions or make a life choice that would make insurance out of their reach with other companies, they will be guaranteed standard rates from the same company.

Whole life insurance also builds up a cash value that can be used for any needs that the child may have in the future, such as paying for college or paying other bills. When it comes to a child whole life insurance policy, the cash value grows very fast.

At the same time we need to keep in mind that child life insurance is still a life insurance. It’s highly unlikely that something will happen to a baby, but if it does then the insurance will help the parents to cover the final expenses ($5,000-$10,000 for the funeral, medical expenses, hospitalization, etc.). Child whole life insurance comes with a coverage amount ranging from $5,000 to $50,000. Whatever the coverage that the parents selected, they would receive that money in case of a claim. In the modern world, babies are born to live a long and happy life, so the insurance is rarely used for the purpose described above.

It’s the other benefits that make this type of insurance so popular today – the lowest rates, guaranteed insurability, and a cash value that doubles in approximately 20 years. Weigh the pros vs. cons, and you will be able to decide whether newborn whole life insurance is a good option for your family.