Do you have life insurance on your children?

If so, what age was your child when you got it?

Ayla Reynold's father, Justin DiPietro, took out a $25,000 life insurance on Ayla 2 weeks before she disappeared.

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Asked by meooma at 7:01 PM on Feb. 15, 2012 in Politics & Current Events

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Answers (19)

There are a few logical and completely credible reasons to get whole life insurance on a child. While Justin DiPietro is a good example of how a life insurance policy can be misused, consider the point:1. It works as a good savings vehicle if parents are averse to investing the money on the market. At the age of 18, it can help pay for college or their first car. Because of people like DiPietro, you'll never find large death benefits offered by carriers these days, just enough to cover a decent burial and loss of income due to a few days off work (for the parents). Of course, a life insurance policy on a child should not replace a reliable college savings plan like the 529 and won't perform as competitively as a money market fund.

Answer by DeniseMancini at 4:29 AM on Feb. 28, 2012
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sad story.
No we do not. It's a bad investment.
If you just save for college it will cover the funeral costs if something bad happens.
you don't buy insurance and save for college.

Answer by jewjewbee at 7:04 PM on Feb. 15, 2012
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No, we're not reliant on our child's nonexistent income.

Answer by SWasson at 7:31 PM on Feb. 15, 2012
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My husband is in the military. He pays for his and mine, and he has the max coverage for both of us, which gives us automatic coverage for our children for $10,000 each at no cost to us. Our oldest (my "bonus" daughter) has been covered since my husband joined (when she was a few months old) and the three little ones were covered beginning at birth. While I pray that we never need it, I'm glad that we have it.

Answer by laird6372 at 1:38 AM on Feb. 16, 2012
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We don't (yet). The benefits to doing it are if the child ends up with diabetes or some other medical condition, they already have life insurance that can be continued since they won't be able to get it elsewhere at that point.

The cons. I guess there really aren't any except for the fact I am just supersticious enough to believe if I don't do it nothing bad will happen to them.

Answer by other_mother at 7:07 PM on Feb. 15, 2012
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Why would I need life insurance on them? IMO, the purpose of life insurance is so that you are still able to provide for your family in the event of a death. My children are not providers. I provide for them. If someone I knew told me they had life insurance on their child I think I'd wonder about their motivations.

Answer by Syphon at 7:14 PM on Feb. 15, 2012
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no,my son was born with medical needs and it has increased the 1st 4 years of his life. he is now 16yO,no company would cover him not even Gerber's!!!

Answer by RobinChristine at 7:20 PM on Feb. 15, 2012
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unintentionally. when the hubby and i set ours up, our agent told us that by having our policy the way we do, our children are automatically covered. they have no info on our kids, they do not even know how many kids we have, we do not pay anything for them, nothing - but if one of our kids would happen to die, all we would have to do is fax them the death certificate and they would pay out. so yes, we do, but we did not set out to get it, it was just a bonus we found out about after the fact.

Answer by annanonnymommy at 8:29 PM on Feb. 15, 2012
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I have it thru my job for my son, but do not have it for him, he has no financial obligations

Answer by virginiamama71 at 8:45 PM on Feb. 15, 2012
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Ours have been covered since birth as have our grandchildren

Answer by Dardenella at 10:00 PM on Feb. 15, 2012
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