What type of rider covers children under their parent's life policy?

The correct choice is Child Rider. This rider specifically provides coverage for a policyholder’s dependent children under the parent's life insurance policy. It offers a death benefit specifically for the children covered under the rider, ensuring that, in the event of a child’s passing, the family receives a benefit to help with expenses or other financial burdens.

A Child Rider is typically added to the parent's life insurance at a relatively low cost compared to taking out separate policies for each child. It also allows the parent to convert this coverage into permanent insurance for the children once they reach adulthood, which can be beneficial for their future insurability.

In contrast, other options like Dependent Rider, Term Rider, and Family Rider may not specifically address coverage for children. A Dependent Rider generally extends coverage to dependents but is not specifically named for children; it might include spouses or other family members. The Term Rider pertains to a limited-time life insurance policy that does not specifically cover children. The Family Rider could suggest a broader family coverage approach but does not pinpoint children's coverage the way a Child Rider does.

Overall, the Child Rider is distinctly designed to address the needs of parents wanting to include their children in their life insurance coverage effectively.