Utah Insurance Blog

Child Life Insurance - a Gift for Their Future

Sometimes when people approach me for life insurance, they ask me about adding a child rider. The child rider provides a small amount of protection for the insured's child(ren). It's a relatively affordable coverage, but usually only provides $5,000 or $10,000 of term protection, and ends when the policy term ends.

A Valuable Option

Last year I ran across an interesting life insurance product for children that is often more affordable ($45 per year, per child!) and provides $20,000 of term protection that automatically converts to a whole life policy when the child turns age 25.

More Than Pure Life Insurance Protection

I really like the fact that there's more in it for the child than just the death benefit. Once the policy converts to a whole life policy, it can build cash value which can be taken advantage of in different ways. In addition, the policy allows the child to increase the life insurance coverage at ages 25, 28, and 31, by an additional $20,000 at each of those ages. This gives them the opportunity to accrue $80,000 of whole life insurance by age 31, without having to prove insurability.

Protect Their Insurability

Not having to prove insurability can be especially valuable if a child develops a medical condition which makes them uninsurable when they are older.

Popular Uses

I've had parents purchase these policies for their kids for the basic benefit and grandparents purchase them as a gift for their grandchildren.

If you are interested a policy for your child, grandchild, or someone you know, email me at jared@utahinsurance.org or call me at 801-679-0405.

Child Only Coverage in Utah - an Option That's Back on the Table!

Since fall of 2010, children have not been allowed to apply for health insurance unless they've applied with at least one adult. This has caused some serious problems for children caught in specific situations.

Emergency Rule Regarding Dependent Eligibility

The Utah Department of Insurance recently issued an emergency rule regarding dependent eligibility for health insurance plans. The rule states that a child under the age of 19 shall be issued a health insurance plan from any private insurance company in Utah, if that child has a certificate of insurability.

Certificate of Insurability

A certificate of insurability is a certificate issued by the Comprehensive Health Insurance Pool of Utah (HIPUtah) if they determine that someone who has applied for HIPUtah insurance is indeed insurable in the private market.

The Comprehensive Health Insurance Pool of Utah

The Comprehensive Health Insurance Pool of Utah (HIPUtah) is a state funded program that is administered by Selecthealth. The purpose of HIPUtah is to provide insurance to individuals who are uninsurable in the private health insurance market, or have been declined by one or more insurance companies. HIPUtah does not have income guidelines like Medicaid and CHIP, but does require that a person be uninsurable before they are approved for coverage.

What This Means for Utah's Children

Plainly said, if a child under the age of 19 years old needs to apply for health insurance as an individual in the state of Utah, they can now do so once they have applied for HIPUtah and obtained a certificate of insurability. It takes some paperwork, but it is possible to insure a child on a stand-along policy once again.

To get help insuring a child on a stand alone plan, please call me at 801-679-0405 or email me.

Insuring Children on a Utah Health Plan

The affordable care act (healthcare reform) and insurance company policies introduce new obstacles when it comes to insuring children (ages 18 and younger) in Utah. Here's what you need to know.

Because the health care reform bill makes it mandatory for health insurance companies to insure children, the main health insurance companies in Utah have decided to discontinue all child-only plans.

However, insurance companies in Utah will still insure children, if at least one adult or the rest of the family (depending on the company) applies for coverage as well. Some companies will only allow children to apply during certain times of the year. It's important to know about these open enrollment periods, so you can plan ahead to insure your kid(s).

Get instant health insurance quotes for you or your family for the below companies now!

Altius Health Plans

Altius will only accept applications with children that are signed and dated between November 1st and December 15th each year for a January 1st effective date. They will also accept applications date between May 1st and June 15th each year for a July 1st effective date.

Assurant Health

Assurant Health will accept new applications including children (as long as at least one adult applies also) at anytime during the year.

Current policyholders can add children at anytime during the year.

HumanaOne

HumanaOne will accept an application with children as long as an adult or adults apply with the child. There are no specific enrollment dates. HumanaOne will accept an application with kids anytime during the year. The same applies to current HumanaOne members. You can add children anytime during the year.

Regence Blue Cross Blue Shield of Utah

Regence Blue Cross Blue Shield of Utah will only accept applications with children that are signed and dated between November 1st and December 15th each year for a January 1st effective date. They will also accept applications date between May 1st and June 15th each year for a July 1st effective date.

SelectHealth

SelectHealth will accept new applications including children at anytime during the year.

However if you are already insured by SelectHealth and wish to add your child(ren) to your plan, you must submit an addition form within the two months before your renewal date. If your plan renews on January 1st, you must submit an addition request form (change form) between November 1st, and December 21st the preceding year. If your plan renews on July 1st, you must submit a change form between May 1st and June 21st of the same year.

Exceptions to the enrollment periods are made most of the time for newborns or adopted children.

***Notice: This article was written as a service and for educational purposes only. Do not rely on the above information until you have confirmed it with your insurance agent, or insurance company. If you have questions, or wish to discuss your specific situation, please call Jared Balis at 801-679-0405, or email me.