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what do you think of a child having life insurance???

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I have always ponderd whether or not I should get my children life insurance plans....I mean me and DH have them, but I cant imagine collecting a check on my kid dying.


Do you have one for your children???


What do you think of children life insurance????


Can someone please clarify what the Gerber life insurance plan actually is??????

by on May. 7, 2013 at 7:41 PM
Replies (11-20):
beadingmom17
by Rachel on May. 7, 2013 at 9:14 PM
We have the kids on our policy for 10k each. Another thing to think of is, aside from having to pay funeral costs, do you work? If you do, and your child were to pass, could you return to work immediately? If not, you might need more to cover living expenses/lost wages from taking time off to grieve. That was something I never thought of before we sat down with our insurance guy.
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sorcha1945
by Silver Member on May. 7, 2013 at 9:15 PM
You can withdraw from it later on to help pay for college. If the child were to die it would cover expenses (hopefully will not happen), and as long as the insured decides to keep the policy they are insured for life no matter what their health is.
dtm1491
by on May. 7, 2013 at 9:18 PM

I have the Gerber Life Insurance Policy. The rate is locked in until my dd is 18. When she is of age the policy is in her name only. She has the option of cashing it in on the monetary value or continuing with a low rate of life insurance coverage for herself.

CasandraFinlay
by Gold Member on May. 7, 2013 at 9:31 PM


Do you have one for your children???

Yes

What do you think of children life insurance????

It's necessary... and a very sad business if it is ever used.

Can someone please clarify what the Gerber life insurance plan actually is?

Gerber... no. We have a term life insurance plan through my husband's work. Gerber is a 'Whole life' policy.


We chose term life because of the affordable rate. The policy runs for a certain length of time, and then we have the option of dropping it or keeping it. It isn't like whole life insurance where the term keeps going as long as the premiums are paid.


Our kiddo is only insured for $9K. Enough to cover funeral expenses.

Hubby is insured BIG TIME because he is the bread winner; enough for all debts to be paid and for investing. He also has a job-disability/death coverage.

I have a good amount for my policy. It's enough to pay off debts, find reasonable child care, and to pay for higher education for our kiddo.


TERM VS WHOLE




"The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy. (Read more on how to buy a life insurance policy or determine how much life insurance you will need.)"

http://www.smartmoney.com/plan/insurance/term-or-whole-life-8011/

We opted for term because we already have investments and hubby has a 401K and Roth IRA.

momsrule1985
by on May. 7, 2013 at 10:10 PM

We have term life through work on my children. They are both insured for $10k which would at least cover the funeral. Though as soon as I am able to change that I am thinking of raising it to maybe $20k. I know this sounds terrible but let me elaborate. I was outraged when someone recommended that I raise it. My response was, "If something was to ever happen to either of my girls, money wouldn't make a difference. I would just need enough to properly bury them."  Then I was speaking to a co-worker about it and she informed me that she had $25k on her children because she said should something happen to either of them she would still have the other to take care of. WIth her being a single mom she said going to work for a while wouldn't be an option as she would need time to grieve. I put alot of thought into her words and I agree. The thought of losing a child is terrifying to any mother but unfortunately, its always possible. Don't look at it as "making money" off your child, look at it as financially surviving the grieving process. I pray that I never lose my children and I hate the thought of anyone having to bury their child but unfortunately while it isn't what any of us want, we must be practical.

Babymama7710
by on May. 7, 2013 at 10:50 PM

I don't like it but all 3 of our children do.and that was because my husband thought it was the best thing for us to do god forbid something were to ever happen to our children it's not a lot but it would be enough to be able to pay for whatever we needed to pay for 

Lovemyshadows
by on May. 8, 2013 at 12:21 AM

I really suggest y'all check out the price of a funeral.  I think you'll find $10,000. Isn't enough for a decent funeral.

tennisgal
by on May. 8, 2013 at 12:57 AM

Yes, of course. If they die there will be funeral costs, possibly therapy costs for siblings and medical bills that, without life insurance, would have a significant affect on our family. 

MrsApple
by Gold Member on May. 8, 2013 at 1:03 AM

We have one on our daughter.It's enough to cover funeral costs if she were to be buried.

Momofmenagerie
by on May. 8, 2013 at 3:01 AM
I do on tween, not yet on tot. But I will.
I don't think about it, but IF the unthinkable happened, a ten k term insurance policy is really something we should have so the traumatic stuff is paid for and can be taken of quickly so can focus on your grief.

Term insurance is extremely inexpensive for children.
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