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nanna | Can i but life insurance for my daughter who has a newborn that would also provide the baby with a savings? |
iam concerned that my daughter may not be able to afford a policy |
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Doing the Right Thing
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Yes you can buy life insurance on your baby. I suggest getting a 20 year term with $10,000 coverage. $10k should be enough to cover funeral expenses. Premiums should be around $5-$10 a month. When she reaches an adult, she can buy her own life insurance.
As for creating savings for the child, you can either start a UGMA/UTMA that invests in a mixture of aggressive growth and conservative funds. If you wish to start a college savings plan, start a 529 Plan (hoping your child will go to college, if not, you can easily transfer the plan to another child).
Follow this advice: Keep insurance and investments SEPARATE ALL THE TIME!! This lowers your cost and maximize the potential value of your money. |
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Ron@InsureMe
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Yes, you can get a policy that would cover both your daughter & the newborn. There are a number of policies that would cover both of them & would provide a cash savings account.
I would recommend speaking to a competent insurance agent before securing a insurance policy. To check out the various life insurance types and to get a quote go to: http://www.insureme.com/landing.aspx?Refby=614500&Type=life. It’s a web site that will give you the information required to make a decision on which policy is right for you. It also gives you the option to call local agents to get any of your questions answered. Hundreds of companies use this service, which makes it very easy for a consumer to find the best price for a specified amount of coverage in minutes. Policies start at as little as $3 per month.
Best of luck!
Ron – InsureMe |
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ms_nickie
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Anyone can take a life insurance policy out on a person. You would own the policy and pay for it. You would also get to name the beneficiary. You'll want to buy a Whole Life policy. These are the types that end up with a "savings" if you will. You could also add the baby to the policy as a "Rider". She would be insured as well. Stay away from Term Insurance as it amounts to nothing. It may be less expensive but it's completely worthless and really costly after the initial "Term" which is usually 10 to 20 years. |
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JLim
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You can buy insurance for your daughter's newborn and depending on the protection/savings mix, you can purchase whole life (protection skewed) / endowment (savings skewed) / ILP (Not recommended if you are want some form of gaurantee).
If your concern is that you want to provide savings for your grand children, the recommended policy is an endowment fund or you can get mutual funds coupled with a term insurance (but investments can go either way). Whole life is usually not recommended for a newborn because your daughter is not financially dependent on her child, and the savings rate is so much lower. An investment linked policy is a double edge sword that can go either way and is not recommended if you are looking for "gaurantees".
I also took the liberty to prepare some answers to question you may be thinking.
1) Do newborns need other insurances like hospitalisation/medical/accidental then?
Actually newborns spend more money at the clinics (for all the minor aliments) than hospitals. Most medical insurances do not cover clinic visits (except for Managed Health Care schemes) and you have to always be cautious of the limits and clauses, which can be so daunting. For your information, most of these insurance has no savings component at all.
2) So what is good for my grandchild?
If you have a trusted financial planner who will go all out to make sure your money work for you, just give him/her a call and discuss. It will be good for you to note the following:
i) Endowment policies usually carry the least commissions - calculated that your money work the hardest for your grandchild
ii) Term and whole life are really for breadwinners as they have dependents for that amount of protection.
iii) Riders are not cheap and they usually are the "silent killers". We all know what the agents will tell us when we call them to cancel our insurance policys, "if you get out now, you lose everything. Why not drop the riders?". And they told us its so important in the first place. |
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mrfoxhorn
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Yes you can but the question is why would you? Never insure children, its an issurance company rip off unless they are a movie actor or somthing like that. Your daughter can get a good term policy for low low money and if you want to make sure your grand baby has some savings then open a roth IRA for her and add something to it every year as a christmas gift or something, your daughter and baby will be much better off with that. Never by insurance as an investment, it just should not be done. |
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Byron Udell
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Yes you can, however, you may not be able to afford a policy that offers savings benefits.
Let me explain why...for a 40 year old male, non smoker in excellent health, he'd pay about $7000 a year for whole life and $3000 a year for universal life - both have saving elements. Most people can't afford that.
Term life insurance policies are much cheaper, but they don't have a savings element. The same guy could buy a 20-year term life insurance policy with a death benefit of $500,000 for about $365.
However, there are term life policies that have a "return of premium" option. They're known as ROP term life policies. Basically, they offer all of your premiums back at the end of the term leg nth if you don't die. They come in 20 and 30 year policies. They are a little more expensive than regular term, but if you stick with the entire length of the policy, you'll get all your premiums back and you had coverage for basically free. For a 40 year old male, a 30 year ROP policy with a $500,000 death benefit would cost roughly around $800 per year. |
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tigertiggerii
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Short Answer is YES! You are talking about a permanent policy like Whole Life or Universal Life Insurance. Whole Life will be more expensive as you are guar. the cash value along with the death benefit. The UL policy can give your the opportunity to get more money but it is not guaranteed. The death benefit can be guaranteed. If you would like more details, I would recommend contacting mattb@benefitsblvd.com. He is a broker who specializes in this stuff. Good Luck. |
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mbrcatz
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Yes, you can insure your daughter's life, but the life policies WITH SAVINGS are horrible, horrible policies. They make LOTS of money for the insurance company, but cost you about 10X as much as a term life policy. You're better off buying term, and then matching the term premium in a seperate savings account. You'll save TONS of money that way. |
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John M
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Yes you can buy insurance and a savings plan together. All of these answers are good ones. In my opinion a term insurance policy is no less than a universal life, not to mention when the term is over IT IS OVER! For a child an Equity Indexed Universal Life is a very good savings/ Life Insurance plan. You decide how long you want it to last. Let's just say your child gets diagnosed with sickle-cell or diabetes at a young age, soon after she will be either uninsurable or rated so highly that it would be ridiculous to purchase another Term Life plan. The Universal Life will allow you to dictate how long you want the coverage for. The Equity Indexed Universal Life will offer a great/safe return on your investment and ask if a Guaranteed Insurability Rider is available, this will insure that your daughter, no matter her future health, will be guaranteed the option to increase the coverage at her attained age, and not her current health. A 529 plan is good only if you make so much money yearly that your child will not have loans, grants, financial aid afforded to her. If that is the case then start one ASAP if not then a Equity Indexed Universal Life is the best insurance for your child on the market today. Oh, and by the way Life of the Southwest has the #1 selling Equity Indexed Universal Life on the market.
P.S. Whole Life and Term insurance are a waste of time for children. Whole Life is meant for burial insurance when your retiring and term insurance is only designed to protect your family or your families well being. They are not designed for children. Children's Term Riders are almost the exact same cost as a stand-alone policy for one child. A quote with LSW with every bell and whistle, as mentioned above assuming health is good for $50,000 will be $25.00 A MONTH and she would have guaranteed coverage to age 70. Now for the savings, You need to look into an an indexed annuity (safe)for safe fast growth or a good well balanced mutual fund (medium-risk)for rapid growth and a great return, without a higher guaranteed interest rate.
Hopefully this was helpful! |
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