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Life Insurance for kids?

So, I'm curious... Does anyone have any life insurance for their children? I've been looking into various options lately, because the premiums stay the same for their entire life so long as the policy is paid...And some double the coverage at age 18 without an increase in rates...I think it'd be a good investment for our children for later in life, plus we'd have it if, God forbid, something happened to them.

Any thoughts?

 
laird6372

Asked by laird6372 at 9:56 AM on Mar. 17, 2011 in Kids' Health

Level 18 (5,888 Credits)
This question is closed.
Answers (11)
  • Life insurance is incredibly cheap for children so why not take advantage of the rates? I look at life insurance coverage for my kids as a savings vehicle that my kids could use when they are old enough. In the meantime, if anything were to happen to them, I know that I would want to give them the kind of funeral only a mother could provide. I have also made up my mind that I would donate the proceeds to a charitable trust in memory of my child.

    Denise

    DeniseMancini

    Answer by DeniseMancini at 3:09 AM on Jun. 3, 2011

  • Only if its a Whole Life policy. Term life insurance is a waste of money for kids.
    Anonymous

    Answer by Anonymous at 9:58 AM on Mar. 17, 2011

  • I think it is a good idea as well. You never know what will happen.
    kmath

    Answer by kmath at 10:07 AM on Mar. 17, 2011

  • I have insurance on all of my children. The expense at such a young age is minimal, and the policy I have allows the children to receive back the premiums I paid in to use for college if the insurance is never used.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 10:11 AM on Mar. 17, 2011

  • No. You might want to read some opinions from financial experts before you purchase. From what I've read/heard, they usually don't recommend paying into life insurance for kids as long as you have enough money to pay for their funeral/burial. Over a lifetime, it's likely you would end up paying more into the policy than you would ever get out of it. Smarter idea to put aside that same amount of money into a savings account, mutual fund, etc. for them.
    missanc

    Answer by missanc at 1:13 PM on Mar. 17, 2011

  • Invest in college savings for your child, or retirement savings for you.
    rkoloms

    Answer by rkoloms at 2:03 PM on Mar. 17, 2011

  • I never did for my 4 kids. And, their grown now. But,I have seen news coverage on several teens in sports who either collapsed on the field/court or shortly thereafter, and didn't survive. One was just this week here in Austin, TX. My heart goes out to those parents. As if a funeral isn't sad enough, the costs are painful, as well. Nobody wants nor anticipates death, timely, untimely or otherwise. So, life insurance at any age is a good idea to help with those expenses. The reason I didn't have any for my kids, was that my ex didn't believe in insurance. UGH! But, that's the past. As for the present, I do think for the nominal amount they charge, it pales in comparison to the full blown cost of funeral services.
    specialwingz

    Answer by specialwingz at 10:02 AM on Mar. 17, 2011

  • What policy did you get Mom-2-3-Girlz, if you don't mind me asking?
    laird6372

    Comment by laird6372 (original poster) at 10:14 AM on Mar. 17, 2011

  • We didn't put life insurance on our kids, but when we got it for ourselves, we were told our policy also covered them, automatically, as long as we have our insurance. They don't even have to have their names or anything, but should anything happen to one of them, we'll get a certain amount, no questions asked. I don't think I'd be able to take out an actual life insurance policy on them otherwise.
    Anonymous

    Answer by Anonymous at 12:32 PM on Mar. 17, 2011

  • I believe it was called the "gerber grow-up policy".
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 9:42 PM on Mar. 17, 2011

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