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AprilBabyBoy
LIF Infant
Member since 7/13 206 total posts
Name:
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Life insurance for kids.....
My agent is suggesting this since it's only a few dollars a month. Could there be any disadvantage? Sorry for the sensitive topic. Thanks for your input.
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Posted 7/10/14 6:52 AM  |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Life insurance for kids.....
I didn't get it for my children. I honestly don't see the point.
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| Posted 7/10/14 7:13 AM |
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ANewDayHasCome
Love multiplies, not divides
Member since 11/12 14481 total posts
Name:
Me
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Life insurance for kids.....
We don't have it. I don't understand the need for it. We have it on ourselves bc if gd forbid something happens to us, we could still provide for dd. It doesn't work the other way around and no amount of money would help in the loss of a child IMO
Message edited 7/10/2014 7:46:29 AM.
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| Posted 7/10/14 7:46 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Life insurance for kids.....
Posted by ANewDayHasCome
We don't have it. I don't understand the need for it. We have it on ourselves bc if gd forbid something happens to us, we could still provide for dd. It doesn't work the other way around and no amount of money would help in the loss of a child IMO
yeah exactly, does it benefit them as an adult? like does it ensure a lower rate for them when they are older? this is the only reason I would consider it.
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| Posted 7/10/14 7:59 AM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Life insurance for kids.....
My mom had it for us and I have it for my son. It's a small policy. A burial/funeral expense policy.
I know it sounds awful. But, it is what it is.
The major advantage is that when I came of age I could take it over. It's whole life and was 17$ a month. SO now I have the policy in addition to other ones that I have. It was for 25K. My FIL took one out on our son when he was born for us and pays for it. I assume that it is the same thing.. that ds can take it over. That is the major advantage/benefit. No physical or anything. I just took over the payments.
Message edited 7/10/2014 8:04:15 AM.
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| Posted 7/10/14 8:02 AM |
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fins
LIF Adolescent
Member since 9/07 821 total posts
Name:
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Life insurance for kids.....
unless your child has a medical issue it is guarantee issue. They may have problems later that would disqualify them from getting insurance and this may be their only policy. I know a few adults that only have their policy from when they were a child.
If it is whole life policy they will have it forever.
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| Posted 7/10/14 8:17 AM |
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Rosie0613
LIF Adolescent
Member since 8/10 875 total posts
Name:
Rosie
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Re: Life insurance for kids.....
We won't be getting life insurance on our kids. Right now we have policies for each other and when we have kids, we will be getting separate policies that will be put into a trust god forbid something happens to us.
We find this to be more beneficial as their needs would be taken care of without burdening their guardians.
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| Posted 7/10/14 8:18 AM |
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skinny
3 boys and a princess!
Member since 11/08 8178 total posts
Name:
Momma
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Re: Life insurance for kids.....
I actually wish I had done it as soon as my kids were born. My son was diagnosed with craniosynostosis (an issue w/ his skull) when he was 6mo. As a result he will have a tough time getting life insurance. If I had taken out the policy right when they were newborns, at least he would have something for later in life. 
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| Posted 7/10/14 8:26 AM |
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mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Life insurance for kids.....
I have it through work. Again, it's small, $25k.
Why would there not be a need for it? It's a horrible thought, but if god forbid my DD died, we certainly don't have a spare $15k laying around for a funeral. When I buried my mother 2 yrs ago, the tab was well over $16k, not including a headstone. So yeah, I think it is necessary in the event the worst happens. The small policy is not meant to compensate you or anything, really it's for funeral expenses, or at least that's how I look at it.
Message edited 7/10/2014 8:52:35 AM.
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| Posted 7/10/14 8:46 AM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Life insurance for kids.....
yes there are reasons to get it- 1- god forbid something awful happens- no one wants to think about it, but you would need money for burial
2- if they are diagnosed with something like diabetes later on, it is hard for them to get a policy that is reasonably priced, this could lock them in
we have just a small policy for each child and it can be increased later when they have families
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| Posted 7/10/14 8:52 AM |
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sj-girl
Happy Family of 4
Member since 5/08 5654 total posts
Name:
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Re: Life insurance for kids.....
I have it on my kids. It is a very small policy. I think we have maybe 10k for each kid and we pay almost nothing for it.
What if the unthinkable happens to your child? What is your child gets some sort of illness? Anything can happen.
Now what if you don’t have $$ for the funeral/burial expenses? Do you now put it on a credit card and be reminded month after month whille making payments on it.
MANY times you can get a child ryder on your own life policy for the kids for less then $10-$15 a year.
To me it seems silly not to have it.
Message edited 7/10/2014 9:25:01 AM.
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| Posted 7/10/14 9:23 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Life insurance for kids.....
I don't get the need either. Technically life insurance is to replace a lost income due to someone passing away. I am not sure why it would be needed on a child who has no income.
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| Posted 7/10/14 9:28 AM |
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Paramount
Sweet!
Member since 7/12 4287 total posts
Name:
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Re: Life insurance for kids.....
Posted by AprilBabyBoy
My agent is suggesting this since it's only a few dollars a month. Could there be any disadvantage? Sorry for the sensitive topic. Thanks for your input.
Ask your agent how much money he makes on the policy?
Message edited 7/10/2014 9:44:10 AM.
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| Posted 7/10/14 9:42 AM |
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2BadSoSad
LIF Adult
Member since 8/12 6791 total posts
Name:
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Re: Life insurance for kids.....
We have a small amount on each, 10K. We have it, god forbid we ever need it, to cover the cost of a plot and services. GOD FORBID!
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| Posted 7/10/14 9:45 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Life insurance for kids.....
We have $10k on dd. funerals are expensive and if one of us mentally couldn't work for awhile it would help out. Morbid but practical.
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| Posted 7/10/14 9:58 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Life insurance for kids.....
Posted by Pray4Baby2010
yes there are reasons to get it- 1- god forbid something awful happens- no one wants to think about it, but you would need money for burial
2- if they are diagnosed with something like diabetes later on, it is hard for them to get a policy that is reasonably priced, this could lock them in
we have just a small policy for each child and it can be increased later when they have families
THIS.
I have many who had as children and as they got older were happy since most are whole life policies that are low cost with cash value. It also locks their insurability.
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| Posted 7/10/14 10:06 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: Life insurance for kids.....
Posted by sfp0701
My mom had it for us and I have it for my son. It's a small policy. A burial/funeral expense policy.
I know it sounds awful. But, it is what it is.
The major advantage is that when I came of age I could take it over. It's whole life and was 17$ a month. SO now I have the policy in addition to other ones that I have. It was for 25K. My FIL took one out on our son when he was born for us and pays for it. I assume that it is the same thing.. that ds can take it over. That is the major advantage/benefit. No physical or anything. I just took over the payments.
My MIL did this for her children, now my DH took it over and I'm the beneficiary instead of her (she changed it after we were married).
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| Posted 7/10/14 10:20 AM |
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Re: Life insurance for kids.....
We have it on our children. I was surprised at first when our agent offered it to us but it makes it a lot easier for them to get it after they turn 18.
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| Posted 7/10/14 10:24 AM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: Life insurance for kids.....
Posted by sfp0701
My mom had it for us and I have it for my son. It's a small policy. A burial/funeral expense policy.
I know it sounds awful. But, it is what it is.
The major advantage is that when I came of age I could take it over. It's whole life and was 17$ a month. SO now I have the policy in addition to other ones that I have. It was for 25K. My FIL took one out on our son when he was born for us and pays for it. I assume that it is the same thing.. that ds can take it over. That is the major advantage/benefit. No physical or anything. I just took over the payments.
Same here for both kids for burial/funeral expenses.
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| Posted 7/10/14 10:30 AM |
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RainaK
LIF Adult
Member since 4/14 904 total posts
Name:
R
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Re: Life insurance for kids.....
Posted by Pray4Baby2010
2- if they are diagnosed with something like diabetes later on, it is hard for them to get a policy that is reasonably priced, this could lock them in
we have just a small policy for each child and it can be increased later when they have families
My husband and I were just talking about how we don't see the need to ever get this once we have kids (we have the money for a burial if god for bid anything happened)... But I'm so glad this thread was posted because now we will get this when we have kids, for the reasons above. I didn't realize they could keep it as whole life once they're grown.
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| Posted 7/10/14 10:40 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Life insurance for kids.....
Posted by NervousNell
I don't get the need either. Technically life insurance is to replace a lost income due to someone passing away. I am not sure why it would be needed on a child who has no income.
This
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| Posted 7/10/14 11:59 AM |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Life insurance for kids.....
Life insurance is a financial decision, not an emotional one. You cannot avoid something just because you can't bear to think of it. Funerals are expensive regardless of the age of the deceased. People can also become uninsurable for health reasons. There's nothing wrong with an agent suggesting this.
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| Posted 7/10/14 12:08 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Life insurance for kids.....
I don't have it bc I don't need 10-15k god forbid. But some of the other reasons are interesting and I had no idea about. It may make me consider.
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| Posted 7/10/14 12:24 PM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Life insurance for kids.....
Posted by Hofstra26
I didn't get it for my children. I honestly don't see the point.
If you purchase when they are very young, the premiums are ridiculously low .......they remanin that low as they become adults.
My parents have $100k or $150k each on myself and my sister - they bought it when we were kids. They are whole life polices, with full cash values - they can be borrowed against, surrendered for the cash value, or held onto and the ownership transferred to us - point is, the premium is exceptionally low .........
I'm planning to do this for both of my boys.
If you buy a whole life at age 30/35 etc vs. buying at age 10 ........HUGE difference in payment, it's kind of a forced savings as well.
Can you tell I'm in the business  
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| Posted 7/10/14 12:26 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Life insurance for kids.....
Posted by MarisaK
Posted by Hofstra26
I didn't get it for my children. I honestly don't see the point.
If you purchase when they are very young, the premiums are ridiculously low .......they remanin that low as they become adults.
My parents have $100k or $150k each on myself and my sister - they bought it when we were kids. They are whole life polices, with full cash values - they can be borrowed against, surrendered for the cash value, or held onto and the ownership transferred to us - point is, the premium is exceptionally low .........
I'm planning to do this for both of my boys.
If you buy a whole life at age 30/35 etc vs. buying at age 10 ........HUGE difference in payment, it's kind of a forced savings as well.
Can you tell I'm in the business
Never thought about it in this respect. I just always considered life insurance a means to replace lost income should a spouse die. But you make a valid point. I might look into. Thanks! 
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| Posted 7/10/14 12:30 PM |
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