In this article, we discuss a life insurance scheme-Child Plan. We use the Lee-Carter and the CBD Models to forecast mortality data of US and UK in order to quantify the Plans. We compare the Child Plan with a Single Life Insurance Plan, and find that the Child Plan has a lower price (net premium) and is less sensitive to mortality risk. So, we draw a conclusion that the Child Plan has an inner hedging system owing to a joint death probability design. We also find that additional benefit conditions-income benefit and both parents insured will increase the price of the Child Plan and cause a higher risk to the insurer. And the older the insurers are, the higher the price and the degree of sensitivity to mortality risks are.

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