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Our TV fell off the stand.
just wondering if we claim on accidental will the insurance company come out to check?
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Additional D... |
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After a year on the Job, do you feel that big Companies should offer insurance to their employees, at a group cost? Because so many don`t.
Additional Details
Hoa N you must own your own C... |
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 My son died, no life insurance. Lender trying to foreclose on wife? |
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tre | How Benefical is life insurance for children? |
Is it better to invest in bonds or start a savings acct ? |
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Michael K
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Life insurance is generally not a good 'investment' for children. The benefits of life insurance for children:
You 'lock in' their insurability. If you buy a policy for a child, and keep paying the premium, it will be there for their whole life, no matter what happens to the health of the child in the future.
You can put away money that can grow 'tax deferred'.
There are UVL (Universal Variable Life-Insurance) policies that are a hybrid term-insurance/investment vehicle. The gains on the investment vehicle are tax-deferred. However, the fees associated with those accounts are rather steep. The tax-deferral makes up for some of the fees, but from a purely investing point of view, it's probably not the best way to go.
If you're looking to invest for your child's future, consider a savings account, or mutual funds. If you're specifically interested in saving for your child's future eduction, I'd look at Section 529 plans. They allow you to invest money that will grow tax-deferred, and can be used for college expenses. Here's a website that can help you find the best 529 for you depending on where you live. http://www.savingforcollege.com/kiplinger/plan_details.php
I hope that helps. |
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morris_donald
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I can only speak from experience. My wife friend from college had a sibling die in a car accident. It cost the family over $8,000 to bury their sibling. The state only gives you so much to to take care of the burial arrangement. They had to come up with the money that they did not have. they had to take a loan out to pay for the burial. So every month for the next two years they have to write out a check to the funeral home and be reminded of that tragic day. They now have life insurance on the other two sibling. So what do you think would it had help the family to have had life insurance on their kids. |
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Steve S
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I would take out a rider on your own life policy that can cover all children. I would then invest money in an account probably through Vanguard, No load funds. You have time to be a little aggressive for your kids so bonds and savings accounts I don't think would be your best option. To reiterate the life insurance issue, one of my best friends lost a 15 year old son 3 years ago and they did not have a policy in place. His wife ended up in a hospital for depression and he had to stay home to watch the other children. So there was no income for 3 month. I became a believer in Life Insurance for children after that. |
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Expert Realtor
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Life insurance is a horrible investment for chlidren...you would be better off with bods or savings or put money into an annuity for them.
However, I do carry a small $25,000 policy on each of my children, that is incredibly cheap to carry.
I do this for two reasons:
1. So I won't have any out-of-pocket funeral expenses...which is the harsh reality.
2. I seriously doubt if one of my children dies, I'm going to feel like working for awhile. |
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jameslankford
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life insurance is so cheap, you could diversify and do all 3. |
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Mommytotwoboys
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i think you should do it all. i think bonds don't make as much as some cd's and money markets. savings accounts are good because you can get your money anytime out of it. as far as the life insurance, you can get guaranteed insurability when they are young and if something happens to them and they are unisurable (car wreck, etc) and you've bought it as a child for them...they are able to always get it. for example, my brother bought insurance for my son as an infant. my child now has a chronic condition and has had over 8 hospitalizations this past year and if he had not gotten his life insurance, we wouldn't be able to get it for him and he'd never be eligible. I highly suggest it all! |
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Amanda
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Well if they die it is beneficial.
But children aren't likely to die in America. The lie expectancy rate is in the 70's.
Stocks and savings would be a better route! |
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Hadley
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Life insurance does offer some benefits for your child, including:
1. Guaranteed life insurance protection as an adult.
2. Your child may be able to increase their life insurance coverage when they become an adult.
3. The coverage cannot be canceled unless you choose to cancel it by not paying the premiums.
4. If your child's health changes or they join the militayr as an adult, they still have life insurance protection.
5. The life insurance policy does build cash value.
The best time to start life insurance for your child may be when they are young and in good health. A serious illness or injury could make insurance very expensive or even unavailable in the future.
The Young American Plan is underwritten by Globe Life and Accident Insurance Company. They are rated "A+" Superior for Financial Strength by A.M. Best.
Regardless of your child's future health, occupation, military service or hazardous activities, The Young American Plan will protect your child's ability to be covered by life insurance in the future.
Since 1964, millions of Parents Have Started Globe Life Insurance Policies for their Children or Grandchildren.
You can learn more about child life insurance and request a free quote at http://www.term-life-online.com/life-insurance-for-child.html
I hope that helps! Best of luck to you and your children. |
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Candy Girl
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Why not do all three because you do not want all your eggs in one basket. |
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bud68
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Life insurance is not good as a financial investment, if thats what you mean. However, its very important to acquire it as a young adult to protect your survivors. |
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realme
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Whole life insurance got a bad name. What kind of returns do they offer. What guarantees do they offer? How much and how often can you make widrawals? The life insurance policy benefits you if the child dies young, and any life insurance does not benefit the insured only those who come collect.
You may get better returns and tac preaks by investing for education funds for college, |
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Amy R
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If you invest enough for possible funeral expenses, then there are not real investment needs in life insurance for children. The fact is that there are plenty of safe-low return and riskier hig-return products to invest in where the funds remain available and under your control, rather than in the insurance company's accounts. Be sure to use both types of investments and spread the money out a little, so if there is a loss in the risk-funds, the low-risk funds are still there and still slowly growing. |
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mbrcatz
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I don't buy life insurance for my children. It's NOT an investment - it's a death reimbursement thing.
I think it's better to start a savings account, then move it over to a schwab account when you get $1,000 in it.
I do NOT insure my kids lives. I DO have bank accounts and Schwab accounts for them, all except the youngest (she's only 4 months, I have to "get around" to it). |
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Curious
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to me, life insurance for a kid sounds morbid, almost like you want to be sure to clean up if your child should die. anyway life insurance is not a good investment choice, even the ones with an investment component. for a child, it's better to start investing in a college fund, put money into it every month and watch it accumulate. by the time they need it, it will have grown substantially. savings accounts pay abysmally low interest. |
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