What is a juvenile life insurance policy?

A juvenile life insurance policy specifically refers to a life insurance policy that insures the life of a minor. These types of policies are designed to provide coverage for children, typically available to parents or guardians who wish to secure a policy for their child. This coverage can offer benefits such as a death benefit in the unfortunate event of a child's passing, as well as potential cash value accumulation over time, which can be beneficial for various future needs.

The other options do not relate directly to the concept of a juvenile life insurance policy. Policies for divorce proceedings are oriented towards financial or support considerations during a divorce, not specifically insurance for minors. Similarly, life insurance for terminally ill individuals focuses on providing financial support to beneficiaries due to anticipated death rather than covering minors. Lastly, life insurance for college students would generally apply to young adults rather than minors, making it another distinct category unrelated to juvenile life policies.