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| My father-in-law was the primary beneficiary in a life insurance policy for my mother-in-law. Since receiving the money, he uses it to buy drugs and drinks all the time. He also has a restraing order ... |
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Additional Details
it was stolen out of my house or i wouldnt be asking if homeowners insurance covered it ... |
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devinandrace | Is life insurance on children a good idea? |
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Financial Answer Guy
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It is a good idea for several of the reasons listed. It makes me mildly nauseous to read Paydaybutte's answer. IF the financial risk associated with loosing a child was the ONLY reason to consider coverage, that is still a good enough reason, but there are other, more compelling reasons. To say a child is simply a cost and you are essentially better off if they die is simply disgusting,
Here are the reasons to buy coverage:
Protect Insurability - Putting PERMANENT coverage in place now gives your small child the gift of a policy they can keep for the extent of their life, regardless of what happens to their health.
Take advantage of low rates - Just take a look at the rates on a policy for a 10 year old, a 30 year old and a 50 year old.
Taking Advantage of the Tax Advantage - I would recommend a VUL rather than a WL policy for this, but the cash value growing within the policy accumulates tax deferred, and withdrawals can be tax free when structured correctly.
A few have espoused the "Buy Term and Invest the Difference" concept as being the only way to consider. This is very shortsighted. I personally put together a comparison of VUL vs. level term (with renewals) and the VUL ends up way ahead. IF cash accumulation was the ONLY goal then the VUL wins. If you add in cost effective life insurance coverage for life, VUL STILL WINS.
The important thing to remember is to seek out the advice of a competent financial professional. Check out the website Rich recommended or use the Planner Search feature on the website for the Financial Planning Association. (www.fpanet.org) |
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529s.com
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I have life insurance on my daughter. Its not because I'm concerned about funeral costs. I setup a whole life policy for her financial future. God forbid she have any medical conditions between now and the time that she actually needs coverage, she will already have a permanent life insurance policy. Here is more info on whole life - http://www.findlocalinsurance.com/permlife.html |
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mrjo_ct
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Life insurance on a child is a great idea, a separate life insurance policy on a child is usually a waste of money. I agree there should be some kind of coverage on the children, but they can be added as term riders to the parents policy. Usually one price covers all children.
The problem with having a policy on the child is that most parents don't carry enough insurance on themselves. I'd rather see the money spent protecting the breadwinners of the family. If one of them dies, that policy on the child is doing them no good.
The only way I recommend policies on children is that if the parents have enough insurance and if they have extra money they don't know what to do with. |
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COCHYN
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Not sure where you live, but in UK, somebody must have what is called an insurable interest in someone in order to insure their lives. Eg. For a husband and wife, this insurable interest is unlimited. For children, you are only able to cover them for funeral expenses. Critical illness cover is different though. Many life companies have 'free' benefits where a person can claim on their policy if a child has a critical illness. |
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lopesfamily2004
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To add what many people have said about it being a good idea to cover the unexpected, it is a GREAT BENEFIT for your child. When your child turns 18, you can then convert that rider or policy to a policy of their own at UNBELIEVABLE RATES, so they can protect themselves and their families. Also, if your child develops an illness later on in life, they will be eligible for life insurance without having to be penalized for pre-existing conditions, or denied descent life insurance all together. |
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LifeInsuranceAgent
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Don't waste your money on this.
Avoid agents pushing whole life policies for your kids as either investment vehicles or insurance in the event your child is uninsurable as an adult. It is a waste of money and a bad investment.
if you really want coverage for kids, you can add them as a child rider to a term policy at a cost of $60+/- per year. This cost would cover all kids for $10,000 of coverage.
MONEY magazine recently had a good article on this subject. |
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insuranceguytx
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These are good answers.
The answer has two parts. Do you have enough money now and in the future to take care of burial expenses should something happen (God Forbid)? Is there a possibility that your child could develop some disease or condition (diabetes, bird flu, who know what else is down the line) that would prohibit obtaining a life insurance as an adult?
Some life insurance on children is expensive - some is cheap - Shop around. |
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call me anon
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I took out enough to cover a burial. God forbid you ever
need it, but it's good to have. He's grown now, and we
converted it into regular insurance, and because he had it,
no health questions. |
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miauwme
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It is. I have an insurance that covers my son medical (but not life) and my husband in case the worst happens to my husband, my son is covered, the insurance continue my son's savings and give cash that covers my husband's death or permanent disableness, or critical illness. I think it's important to protect your children for such thing. I've seen children that can't go to school or get dragged into financial problem because of parents death or sickness. |
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paydaybutte
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The cost to bury a child is SMALL. Furthermore, a child represents a burden to your income NOT A SOURCE. If something happened to your child, you will have more money, not less. You should not insure the life of a child.
Keep your "insurance monies" for high risk only. Insurance money will not help in any way, with the death of a child. |
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kasper99
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The last thing you want in life is to bury a child. (It's my biggest fear). If that should happen, the costs associated with a death can add more stress and bad memories to the mix. Don't get in that situation. Insure your children as well as yourself. |
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melinlove
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It is a good idea strictly for the idea that your worst nightmare of burying a child would be covered financially along with other costs that may be incurred during such an event. The insurance you choose should be enough to cover what cost of a funeral and such would be. You need to make sure that you do your research and do not get gouged on premiums. In some instances you could also look at it as putting that money in a savings account, that way if hopefully the need would never be there to use for such an instance, you could use it to benefit their life in a greater way, college, down payment on a house etc..... |
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Common Sense
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Only buy "level premium term" if you decide to do this.
You protect the child's "insurability" and will be covered. Don't buy whole life (cash value) it is not an "investment"....
Take the difference (in premium) and put it into a good S&P500 index fund. |
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