Child Rider Definition
The Dictionary of Insurance Terms and Definitions
When applying for life insurance, you can attach a child rider to your policy in order to extend coverage to an offspring, stepchild, or adopted child.
Life insurance policies are written out in advance of the time that you apply for one, so they are actually prefabricated products, not written up with your needs specifically in mind. Riders, however, allow you to customize your policy. Attaching a rider means adding text to a life insurance policy. In the case of a child rider, the added text has the effect of extending coverage to a child. That is, in addition to providing a death benefit if the primary insured should die, the policy will provide a death benefit if the child of the insured should die.
Riders that extend or increase life insurance coverage tend to increase the cost of the policy to which they are attached. In the case of child riders, the difference is usually a flat fee. That is, regardless of the value of the policy before you attach the rider, attaching the rider will increase your premiums by X dollars every month (or year, if you pay annually).
Most people would not have a use for a child rider, since almost nobody has an insurable interest in a child. That is, the loss of any single child would not directly impose a financial loss upon anyone (with but rare exception).
