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    Why to Buy Term Insurance for Your Children in 2021

    Last Updated On 20-04-2021

    To say this has been a difficult year would be an understatement, but the fact that you are even reading this is proof that it could have been a lot worse.

    Around the world, we saw the cost of unpreparedness as national healthcare systems in some of the world’s most advanced countries were unable to keep up with the demand for intensive care beds. Then there was a shortage of respirators to keep patients alive. Compounding all this, the safety of hospital workers was under threat from the lack of personal protective equipment. The TV news became a stark reality show displaying scenes of families torn apart, people turned away from hospitals due to over capacity, and more heart-breaking, so many apparently healthy individuals in the prime of their lives being struck down.

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    In short, 2020 taught us all that bad things can happen suddenly and that is exactly why parents should be looking to buy insurance for their children in 2021. At first glance, you may feel this is rather unnecessary because insurance is about providing security for a family upon the demise of the main breadwinner after all. So why is insurance important for children who obviously have no dependents and no potential loss of earnings?

    Life insurance policy options for children

    Before delving into the importance of having a policy for your child, let’s consider what exactly we mean by a child insurance policy. Firstly, a standard life insurance policy for children brings together several significant advantages to support them throughout key life stages. This helps policyholders ensure that their child's future is not compromised and supports the family if someone dies unexpectedly.

    The child life insurance policy offers big advantages in terms of health, education and lifestyle. A life insurance policy set up for a young child guarantees that they will have coverage even if a medical condition is developed in later life. Many parents and national healthcare bodies are very concerned about the possible long-term impact of COVID-19, which is still to emerge and then be understood. In any event, taking out a child life insurance policy today guarantees the future insurability of your child even if a medical issue arises in the future. For any family with a history of hypertension, diabetes, cancer and any genetic illnesses, they should urgently consider buying a life insurance policy for their young children.

    For some parents, the enforced savings portion of the life insurance is also helpful as they plan for their child’s education and the cost of university. Another advantage is that the policy will automatically cover any future lifestyle choices of the individual as they take up different hobbies, such as scuba diving or windsurfing, or even activities linked to career choices, which may not be covered by many insurance providers.

    Depending on the insured amount, it could also provide the necessary funds and financial security to enable grieving parents, who are presumably the breadwinners, to take extended time away from work to mourn their loss while looking after other members of the family. This kind of financial solution can be set up as a as a rider to the parents’ insurance plans. In both cases the premiums can be very cost effective. Parents can get a head start by setting this in place for their newborn baby. Starting early with a policy that offers the longest possible terms can help you lock in low premiums, while saving for your child's future.

    In 2021, smart parents should start a discussion about their immediate insurance needs, how they can protect their dependents and loved ones and, at the same time, build resilience into what may be an uncertain future. Buying a child life insurance policy today will lock in the premium for as long as the child holds that policy, which is a huge advantage for immediate financial planning and keeps it affordable. Look out for a policy that will allow you, or your grown child, to buy additional coverage without having to undergo medical examinations as needs change and inflation kicks in.

    Visit PNB MetLife to know more about life insurance, Term Insurance & Term Plan



    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.


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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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