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Children’s protection rider (CPR)

Children’s protection rider (CPR) is an inexpensive way to get a small amount of life insurance on your children. Added as a rider to your base life insurance policy, it covers them until they are adults, at which point the rider would expire

Companies are fairly inconsistent with their CPR provisions, and practices vary wildly. So rather than doing a comparison, I’m going to offer a few things you should look into when purchasing a rider.

CPR riders are generally available in increments of $5000, to a maximum of $25,000 or $50,000.

Some CPR riders are priced per individual child, some companies however charge a flat fee to cover all children. One isn’t necessarily better, they’re just two different ways to determine the premiums.

Upon adulthood, most CPR riders allow your now-adult child to transition their CPR coverage to an individual policy (very useful if they’ve become uninsurable in the interim – this gives them an individual life insurance policy without taking a medical exam). Importantly, companies offer different multiples of coverage on the new policy – i.e. some companies may offer coverage in the new policy of 2,3 or even 5X the coverage in the original children’s protection rider.

You should also know that CPR can normally only be purchased with a new policy – it generally is not available as an addon at a later date. You’ve got to buy it when you purchase your policy, or not at all.

Given that premiums are often in the $5-$10/month range, CPR is a reasonable purchase if you’re looking for a small bit of life insurance on your children.