Which product allows a whole life insurance policyowner to add coverage for children?

The child term rider is specifically designed to provide coverage for the children of a whole life insurance policyowner. This rider allows parents to add term insurance coverage for their children at a relatively low cost, typically covering them until they reach a certain age, often 18 or 21.

One of the primary benefits of this rider is that it can be attached to the existing whole life policy without the need for the children to undergo individual underwriting or medical exams, reflecting the ease of access to life insurance coverage for dependents. If the insured parent passes away, the rider ensures that a death benefit can be paid out should something happen to the covered children during the specified term.

The other products listed do not focus on children’s coverage in the same way. For instance, the family income rider typically provides income protection to the policyowner’s family in the event of their death but does not specifically cover children. The payor rider is designed to waive premiums if the policyholder becomes disabled or dies, benefiting the policy rather than providing additional coverage. The family maintenance rider provides periodic benefits over a specified time after the death of the policyholder, which does not pertain to adding coverage specifically for children. Hence, the child term rider is the most fitting option