Should You Insure Your Children’s Lives?

Many parents still find it hard to insure their children because of the perception of ‘bad luck’ when it comes to children and this form of insurance.

Lee Bromfield, CEO of FNB Life says insuring children is one of the toughest decisions for families to make. Bromfield suggests overcoming the guilt of insuring your children by taking the right type life or funeral insurance policy – one that not only covers the main member, but your entire family.


Nowadays consumers have a number of options when it comes to funeral insurance, including covering up to 21 family members on a single policy. It makes sense to consider such an option because you can cover your immediate family, including your children, and your extended family such as aunts and uncles,  Bromfield adds

“The good thing about this type of cover is that children are predominantly low risk so you are unlikely to feel major financial impact by insuring them. A family could potentially pay in the region of R6.30 for R10 000 cover per child, a relatively low cost,” he advises

Families should consider the following factors when looking for value-for-money family cover:

  1. Take one cover for the entire family

Consumers are sometimes sold a number of policies, which are then lumped into one monthly premium. This tends to be expensive with less value for money.

  1. Understand cover for the entire family member

The cover amount for the main member is usually larger than that of other members covered by one policy. Understand each amount to work out whether or not you need to top up.

  1. Align your policy with your family needs

Your life or funeral policy should reflect your family needs; tailor it to your liking to avoid any potential financial risk.

“Even though children do not generate any income, the truth is that they are still exposed to all forms of risks such as illness, accidents and other factors. It’s important to plan for every eventuality,” says Bromfield.

SOURCE: FNB. IMAGE: PIXABAY.

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