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Life Insurance and Cancer Coverage

Posted by on Apr. 10, 2017 at 8:10 AM
  • 11 Replies

I have been working in insurance for a bit more than 5 years. But even before I broke into this industry I made sure to insure my dd's life. I have heard from other parents that carrying life insurance on your children is tacky, morbid, and weird.  

A few years ago I signed up for Aflac's cancer plan. Basically if myself, spouse, or girls get diagnosed with any type of cancer or terminal illness we will receive a variety of payouts. A lump sum at diagnosis, monies towards treatement, hotel stays, and surgeries.

Again I was told this is weird, being over dramatic, asking for trouble, wishing for bad things, and tacky.

With that said I' curious who else has insured their child. I don't think it's morbid I think it's smart. I want both my childlren to live happy healthy long lives. But I want to be prepared if something happens. I don't think I would have the strength or interest to host benefits or gofundmes. I don't think I would want to deal with the world if anything were to happen to either one of  them.

My friend's 4 year old had a biopsy last week and they are waiting for her official diagnosis but it's cancerous. The mom  is struggling with a ton of feelings. And considering quittng her job as she was told that she does not qualify for FMLA and state insurance is actually better than what she has. . (Still learning on how that's possible) She's a single mom with 4 kids.

Her dd's dad is in the hospital himself with kidney issues.

Seeing what she's going through and reflecting on the judgement I got just as me thinking. I feel horrible for her.

by on Apr. 10, 2017 at 8:10 AM
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Replies (1-10):
by Ruby Member on Apr. 10, 2017 at 2:50 PM

We do not have life insurance on the kids.

Dh is retired federal, so we have pretty good insurance coverage.

by Silver Member on Apr. 10, 2017 at 4:01 PM
No life ins on the kids, single payer/universal health care so that's less of a worry. Even if we had to travel for healthcare, the mileage and meals are tax deductible.

The two months before my husband passed away, he had a lot of medical appointments and treatments, I honestly can't imagine what the cost would have been if we'd been in the US. Thankfully aside from some Rx costs, we paid nothing out of pocket.

Additionally I could get 15 weeks of paid leave (paid at 55% of my wage) if I had to take time off with a sick family member.
by Bronze Member on Apr. 10, 2017 at 7:27 PM
No, I haven't insured my kids. I have a lot on myself though, in the event I don't get to finish raising them then they'll be okay. My daughter is grown, and my boys 12 and 11. We all have good health insurance.
by Bronze Member on Apr. 11, 2017 at 7:26 AM
None of us have life insurance. We used to have a plan but things got complicated and when so was paying a crap ton for obama care we had to stop the life insurance.
I'm not worried about the kids, if something happens I will find a way to cover a funeral and what not for them.
by Platinum Member on Apr. 11, 2017 at 7:46 AM
Both kids are insured for the reason that if they develop any illnesses later in life, because they are insured, they will always be able to insured. My parents did it the same way. I think their policies are $25,000 but I'm not sure.
by Gold Member on Apr. 11, 2017 at 12:22 PM
Dh and I are covered from our jobs and also get coverage from work for spouse and dependents plus I gave additional policies for me and the kids.

Just for cremation around me it would cost $2000-3000 not to mention funeral home cost if we wanted a wake. The sister of a friend of mine died this summer and she had no insurance. She was only in her 30s so who would have thought but they had no savings and no money to bury her. Which leads to the uncomfortable gofundme pages and they didn't even raise enough for all the cost. It was $2500 for cremation and then if they did funeral/wake in the morning vs evening it was only $500 to the funeral home.

Another friend lost her 10 yr old a few months ago. It was sudden and they had insurance luckily threw her ex husband. She was devistated so just to have that covered was one less thing to be thrown at you.
by Silver Member on Apr. 11, 2017 at 3:08 PM

Cancer and life insurance is a bad combination and I feel bad for those trying to get coverage.

My husband is Army, so we have been quick sheltered from the realities of commercial coverage.  Even our kids are covered.

by on Apr. 11, 2017 at 3:32 PM
We have always had life insurance on the kids. Not alot but enough to bury them and take some time off work if something should happen. If something should happen to one of the kids, money is the last thing I want to worry about.
by Bronze Member on Apr. 11, 2017 at 4:05 PM
We don't have life insurance and I should get it.

We are lucky that dh and his parents have a family business; 8 years ago, when dd was 8 months old, dh got diagnosed with cancer, dh has really good health insurance and it covered everything except for $2,000. Treatment without insurance would had been over 1 million.

I wasn't working but because of the family business we were able to move to Houston for treatment (MD Anderson one of the best in cancer) and spend there 7.5 months, I also brought my mom to help me with dd.

I think you are smart and are covered. I know of a woman who got the same diagnosis as dh, but no health insurance and her treatment through government was not the best and she is messed up for life.
by Queen25Princes on Apr. 11, 2017 at 4:12 PM
We all have life insurance. My parents also have policies on all of the grandchildren.
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