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Do you have life insurance on your kids?

thinking about this after reading the organ donor question.

do you have a policy on your kids?

we do, a small policy for each of my girls. that they can assume when they are legal adults - 18years old.

I've been told many times that its cruel and morbid. yep it is, but a year after we got the policy for my youngest - she developed a seizure disorder and is no longer insurable.

Answer Question

Asked by hypermamaz at 4:33 PM on Mar. 9, 2010 in General Parenting

Level 6 (137 Credits)
Answers (14)
  • Kind of. It's nothing we pursued or even pay for. DH and I have a life insurance policy together, we are each other's beneficiaries. Because we have this "joint" policy, our kids are automatically covered for $10k each, without even having to have their names or anything - if, God forbid, one of our kids would get in an accident or get sick and pass away, they ask no questions, just issue us that $10k. It's their policy, everyone that has a "joint" or couples policy like we do is kiddo covered. If we chose to, we could up the amount for pennies, and also give them the kiddo info.

    Answer by Anonymous at 4:41 PM on Mar. 9, 2010

  • My child does not have a mortgage or dependents, so she does not need life insurance. My spouse and I have term life policies.

    Answer by rkoloms at 4:44 PM on Mar. 9, 2010

  • If you have a child with serious illness it is a good idea to have life insurance.
    I know I wish we would have had one for my daughter because when she passed away the funeral bill was soo expensive, almost $10,000.
    If we would have had life insurance it would have paid for some of the expenses.

    Answer by rochellecole at 4:50 PM on Mar. 9, 2010

  • In the US, you can get life insurance on children under 18 with no health questions or physical. I think most are under 10,000.

    I think we have minor coverage (4k or less) on our boys, through my husband's employer, but we don't pay any extra for it. I think is silly to have insurance on children to cover more than a funeral. They don't earn any income.

    Answer by twin_mommy at 5:04 PM on Mar. 9, 2010

  • I have a small policy on each of my girls. I'm not a wealthy person but GOD FORBID if something where to happen to one of them. I would never be able to afford a funeral. I believe i got mine thur Gerber Life when each was born. and it is $15,000 a piece. I feel everyone should have something. Even to bury a child is expensive - let alone the mental costs it will cost any parent who looses a child. I know i will be in thereapy a long time.

    Answer by roxyann76 at 5:15 PM on Mar. 9, 2010

  • No. DH and I both have policies but nothing on DD. I couldn't even think about loosing her.

    Answer by SalemWitchChild at 5:21 PM on Mar. 9, 2010

  • a mortgage or dependants shouldn't be the 'requirements' you think about - health costs, funeral realistic.

    its like getting an RESP - you are preparing for the future, whichever future that may be.


    Answer by hypermamaz at 5:28 PM on Mar. 9, 2010

  • Uh, no. If she died, I would die, or be completely mental. I wouldn't care about burial costs. They could bury US both in a shroud in the ground. Health insurance is all we need.

    Answer by Bellarose0212 at 6:08 PM on Mar. 9, 2010

  • Life insurance for children doesn't have anything to do with profiting from their death. It's an investment for them! My husband's parents bought insurance policies for all 6 of their kids. They're dirt cheap when they are kids, but once they grow up, they can assume them and have super cheap coverage. And they're already covered so it doesn't matter if they develop health issues that might deny them from having a new policy. Or they can cash them out and use the moeny for college, a car, or a down payment on a house. We have policies for all the kids. They are about $25 a month for each child.

    Seriously, look into it. It's a great gift to your child!

    Answer by Anonymous at 6:49 PM on Mar. 9, 2010

  • Yes we do.

    Answer by purpleducky at 6:58 PM on Mar. 9, 2010

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