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Re: if you have life insurance, do you have it out on your child?
*****CRASHING*****
I have a friend that considered this for her baby and then decided it was to morbid. About 1 month later she died of SIDS and it was a huge financial expense. Nobody wants to think about it, but IF you were to ever need it it is a lifesaver financially. Try to look at it as an investment in financial security and not in a grim reaper way. I know it is hard, but it really can help, and that's what it's for......
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Posted 2/17/09 9:33 AM  |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: if you have life insurance, do you have it out on your child?
Posted by CathyB
Posted by KPtoys
yes, all 3 of my kids have whole life policies.
Do they get to take over the policy when they are adults?
Yes.
Most life policies on children are whole life, not term and term dosent build cash value.
Reason why its suggested, is that they tend to be very cheap policies and provide the cash value so down the rd if needed they can use it.
Also, truth is, it guarantees insurability and when they are adults, its their life policy to continue and hang on to.
Most are thankful that they have something and truth is, Ppl do become sick and can not get insurance.
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| Posted 2/17/09 9:36 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by Smileyd17
Posted by CathyB
Posted by KPtoys
yes, all 3 of my kids have whole life policies.
Do they get to take over the policy when they are adults?
Yes.
Most life policies on children are whole life, not term and term dosent build cash value.
Reason why its suggested, is that they tend to be very cheap policies and provide the cash value so down the rd if needed they can use it.
Also, truth is, it guarantees insurability and when they are adults, its their life policy to continue and hang on to.
Most are thankful that they have something and truth is, Ppl do become sick and can not get insurance.
Thanks for all this info. Unfortunately, we know someone who has a young child with cancer so this post really got me thinking this morning. Already have a call into our insurance guy.
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| Posted 2/17/09 9:41 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: if you have life insurance, do you have it out on your child?
Posted by CathyB
Thanks for all this info. Unfortunately, we know someone who has a young child with cancer so this post really got me thinking this morning. Already have a call into our insurance guy.
Anytime.
I also am in the biz and anyone can FM me with questions.
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| Posted 2/17/09 9:45 AM |
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MrsSteflily
I love chocolate
Member since 4/06 2047 total posts
Name:
Stef
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Re: if you have life insurance, do you have it out on your child?
We have it for DD. One of the first things we did after she was born was call our insurance agent.
We got a whole life policy for her.
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| Posted 2/17/09 9:46 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by dottiemchugh
No, only for DH and I.
Same here. And I never will.....
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| Posted 2/17/09 9:49 AM |
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Reese1106
Family of 4! :o)
Member since 8/06 6655 total posts
Name:
Theresa
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Re: if you have life insurance, do you have it out on your child?
No, we didn't. DH and I both have life insurance though.
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| Posted 2/17/09 10:02 AM |
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KartveliT
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Member since 1/08 8363 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by EmmaNick
My grandma has Gerber policies for both my kids. The price stays the same into adulthood and covers them if they are uninsurable in the future.
That's what we have for DD . Plus it builds up cash value.
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| Posted 2/17/09 10:34 PM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: if you have life insurance, do you have it out on your child?
Both DH and I have life insurance with our job and thru a private company as well. I also took out the Gerber whole life policy for my DD when she was born. I like that it builds cash value that she can use when she gets older if she wishes and continues to insure her if she chooses to keep it.
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| Posted 2/17/09 10:43 PM |
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