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Nov 21, 2006 -- Should you buy life insurance for your baby?
Since Clark’s son Grant was born, he has gotten a lot of solicitations for life insurance on Grant. It pulls on your heartstrings, for sure. But when should you buy life insurance on a child? Never. Life insurance is not for children. It’s for the benefit of children should their parents die. Yet, people still get sucked into these deals. Stay away from these offers if you see any. And consider a 529 plan instead. Saving for a child’s college education is much more useful, both for the young person and for you in regards to taxes.
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Cents on the dollar to have your children insured, add a child's term rider to the policy and most companies will convert up to 5 times that amount when they turn 18
Children & Life Insurance
I am an insurance agent and a MOM to 3 wonderful children. During my career, I have had several clients that felt the same as you Clark. One in particular had a daughter diagnosed with Lymphoma at age 1 1/2 and then uninsurable. An aquaintance had a daughter that died at the age of 8 from falling off a horse. A fellow ballplayer on my son's team was 7 years old and was a pitcher and was hit in the chest with a baseball during a game and died right there on the field...All the parents have stated they wished they had listened to me. The medical bills, the agony of losing your baby and the financial strain they incurred from loss of work and one in particular could not even obtain a loan because of credit issues...So, don't tell people not to insure their children. A small permanent policy works best in this situation. Children die too...God doesn't promise any of us tomorrow. So, ask yourself this, if your son, GRANT grew to become a 300 lb 25 year old man with incillain dependent diabete's and high cholestrol, do you think he would get a good price on life insurance? NOPE he would be DECLINED!!!
I think I get Clark's point.
Clark makes a valid point, however the comments posted by others are also valid. Nevertheless, I think what Clark's driving at is if you save for a childs college and that child dies, depending on when you starting saving and how much you've saved, you should have plenty to fund burial, counseling, time off for mourning, etc.
Lost a Son @ 3 1/2
My 3 1/2 year old son passed away on 10/01/1997. I was employed as a city police officer and had my children covered. I THANK GOD he was covered. Funeral was stress free (Paying). I agree, what's $25.00 a year. Sorry Clark. I now have kids: 1, 2, Step: 9, 14, and 2 over 18. All are covered.
Life Insurance for children
Get whole life insurance for your children under the age of 10. You can Guarantee insurability in case something happens to them. Also, the tax implecations for 529 plans are terrible if your child does not go to college. If nothing else its a great way to build up your childs estate for when they get older.
Life Insurance for children
Get it for them when young and insurable. Always lean towards a cash value policy which will benefit them after they graduate college. If nothing else, God forid they pass away, your burial and funeral costs are covered.
Life insurance for children.
I bought a whole life policy through Met Life for our daughter at age 3. The face value was $53K. Now the policy has paid up insurance at $82K. No one could have predicted that during her final year of college she would become psychotically depressed. Due to the diagnosis, she cannot get an individual health ins. policy or reasonable(if any) life insurance.
Children's Life Insurance
When a policy costs only $25 a year for 10K we opted to get one for our son when he started driving. We just adopted another child who is always putting herself in peril. We shopping for a policy for her as well. Paying for a funeral is quite expensive. I'd rather pay $25 a year for piece of mind.
children's life policy
children die everyday, maybe not as likely as someone in their 40s, but car wrecks, drownings, infections.... most people don't have the cash sitting there to pay for a funeral and then how much time can you afford to take off work to mourn, a month, a week, a day.......
insurance on kids
you say dont get insurance on the kids but the reason u get insurance on them is just in case something happens and u have to bury them.
