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So, my daughter's father's mother (we are not together, have been borken up for 3 years now) wants to buy a life insurance policy on my daughter. She claims she is buying one for all 3 of her grandkids. I'm not comfortable with this at all. She is only 6 years old, and in my opinion, thinking of buying a life insurance policy for her is morbid. I feel if she really wants to help why can't she invest that money into a college plan instead? My daughter is perfectly healthy. I understand some people do buy policies for their children and I'm not in any way saying they are wrong for doing so. I don't know if it's just because I don't like him or his family (cruel but truthful) or what but something about the idea just doesn't sit right with me. Unfortunately, there is nothing illegal about it and nothing a court can do to stop it but I just don't like the idea. Thoughts? Comments?

by on Jan. 29, 2013 at 8:17 AM
Replies (11-19):
Lynette
by on Jan. 29, 2013 at 1:13 PM

We have life insurance on each of our children.  Enough to pay for a funeral and so DH could take a couple months off work without causing us financial stress. 

My husband's parents had one on DH when he was a kid.  It had a case out value after so many years.  He could have kept paying on it or cash it out.  We had some expensive vehicleproblems that we cashed it in to take care off.  Aside from that we also had our own policy on DH.  If this is the kind she is getting then it would be a form of money for college.

anotherandree
by Inga on Jan. 29, 2013 at 2:07 PM

I think having a life insurance policy is a smart idea.  We have one for all three of our kids.  If something should happen (I certainly hope NOT), we do not have the money for a funeral.  It would financially ruin us.  Without an insurance policy, my husband could not take more than a few days off of work (could YOU go back to work 3 days after losing your child?).  I know that it is morbid and not something you want to think about (especially if this is your only LO), and you may not trust you ex-MIL, but it's a smart move regardless.

dee1603
by Gold Member on Jan. 29, 2013 at 2:08 PM
What kind of policy is it? If its a whole life policy your dd will be able to use the $$ later on if she no longer wants to keep the policy for say, a car or college.
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ONA7DAY
by on Jan. 29, 2013 at 3:22 PM

Go with your gut instinct. I agree she can open a college fund. We have life insurance on each other dh and I.

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storkradio193
by Bronze Member on Jan. 29, 2013 at 4:48 PM

Most financial advisors do not recommend life insurance for kids.  Someone is better off saving money in a college account.  If you do someone google searches there is tons of info.  I also have not read good things about Gerber programs that you see all the time.  Again, better off just saving. 

CTC7122006
by on Jan. 29, 2013 at 5:03 PM

 I think I am going to take one out. I have already started a college fund (just college, no insurance) but I figured if I have one then she can't take one out on my daughter. That way I get the coverage (if needed...but as many people stated hopefully not) it's there and I have piece of mind knowing I can trust myself. :) Thanks everyone!

oahoah
by Bronze Member on Jan. 30, 2013 at 12:14 AM

My in-laws did this and it really bothered me. I don't get it. It is morbid and horrible and I don't understand why someone would do that?  But I guess a lot of the same could be said about life insurance - period - not just a child policy. 

JWhite27
by on Jan. 30, 2013 at 9:49 AM

 If you take out a life insurance policy she still CAN do it to. I have 3 on me. My gma, myself and my hubby have it on me.

Quoting CTC7122006:

 I think I am going to take one out. I have already started a college fund (just college, no insurance) but I figured if I have one then she can't take one out on my daughter. That way I get the coverage (if needed...but as many people stated hopefully not) it's there and I have piece of mind knowing I can trust myself. :) Thanks everyone!

 

atlmom2
by Platinum Member on Jan. 30, 2013 at 9:53 AM
Life insurance is a must to me. Dh has double his salary. I have $20,000. A college fund is a must. We started our girls the week they were born.
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