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cds58019
The loves of my life :)
Member since 6/08 4276 total posts
Name:
Candice
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Re: Life insurance for kids.....
Posted by Goobster
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
Like many posters have already explained it's not just for people who bring in incomes. If something happened to your child do you have an extra 15k laying around to spend on funeral and burial services? Majority of people don't. So this is one of the many reasons why.
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Posted 7/10/14 12:42 PM  |
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Long Island Weddings
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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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  
My brother is an insurance broker. He purchased a whole life policy for my son when he was born. I believe the policy is 250K and good for his entire life. He can borrow against it in the future to pay for college or purchase his first home. And it costs about $100/year. My 30 year term policy costs about $1000/year, so a huge difference. And his policy builds over time. It's definitely something to consider.
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| Posted 7/10/14 12:43 PM |
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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.....
So are we saying these polices on children are whole life?
Because everyone is saying it is good for the future in case they develop a condition that makes it harder/more expensive to get insurance etc.
I am assuming they are whole life polices?
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| Posted 7/10/14 12:59 PM |
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Babyaholic
Thankful
Member since 6/09 1459 total posts
Name:
D
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Re: Life insurance for kids.....
We took out policies for our children. They are whole life. I didn't want to do a 529 for them for college, since I can't guarantee they will go to college. For US, this was a better forced savings. And our kids can borrow against the cash value if they choose.
The premium will remain the same (and is dirt cheap) and we can turn it over to them when they are married.
I don't look at it as a policy for when they pass, but as a "savings account" they can use in the future.
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| Posted 7/10/14 2:40 PM |
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hopingforbaby
We made a wish & you came true
Member since 2/10 2695 total posts
Name:
Me
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Life insurance for kids.....
Right now we do not. We have two bank accounts set up for DS and God forbid the absolute worst happens we would be able to cover any expenses from there.
I honestly did not realize until now that they could keep the low premiums into adulthood. Knowing that info, I definitely want to look into getting him a whole life policy for when he is older now.
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| Posted 7/10/14 3:08 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Life insurance for kids.....
ABSOLUTELY!
You think you don't need it but what if your child is injured severely or has a disease pop up later (but before adulthood). Been to so many seminars and speakers who talk on this topic (I'm in the insurance business but not that side) and its so sad and scary when you hear the stories. And as others said, its cheap now that they are young.
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| Posted 7/10/14 6:03 PM |
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Re: Life insurance for kids.....
Right now I have a policy through work for DS that would probably cover basic funeral expenses.
My parents took out one of the ones mentioned here for me when I was young.
It is something worth looking into for DS.
We don't make a lot of money and COL is out of control for basic expenses here as we all know so life insurance is an absolute must to think about.
DH and my policy is one of the ones I automatically have taken out of my checking account every month.
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| Posted 7/11/14 6:00 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.....
Posted by NervousNell
So are we saying these polices on children are whole life?
Because everyone is saying it is good for the future in case they develop a condition that makes it harder/more expensive to get insurance etc.
I am assuming they are whole life polices?
Yes they are whole life. For about 15$ a month. It's a pretty good deal.
And even if you have the money for a funeral now.. I mean god forbid there was some long illness with a child that money could be depleted by then. It's the WORST thought. But, a reality. How many times have we donated to a family with a sick child.
Like someone said. You have to try to take the emotion out of it and think practically. It's awful.
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| Posted 7/11/14 7:49 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Life insurance for kids.....
Posted by DiamondGirl
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.
Aside from what others have posted in covering final expenses, it insures that your children will have life insurance as an adult regardless of their medical conditions. Should your child develop something that is uninsurable during their childhood or young adulthood, having this insurance guarantees them the ability to carry life insurance.
In NYS, the amount you can insure your child for is limited.
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| Posted 7/11/14 9:03 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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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.
agreed.
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| Posted 7/15/14 10:25 AM |
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