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MLV | Life insurance for Me,father of my kids and my two kids! Is it a good idea to buy for the kids? |
My boyfriend and I are planning to get life insurance soon, but I'm wondering if it's a good idea for me to buy it for our kids (1 & 3). I'm still very young (23yrs) and starting my life out trying to build for the future. Right now I make about 30,000 a year he makes about 22,000 a year, but with all the expenses I don't have much money to save. I only rent don't have a house yet. I have one car payment & health/car Insurance etc..... I'm just scared that if something does happen that I won't be able to find the money. What should I do? |
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athiker89
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Life insurance is for income replacement. Life insurance policies (like whole life) that have an investment component are more expensive (in commissions and ongoing fees) than other investments. Buy term life on you and your boyfriend, and invest separate from a life insurance policy for retirement, home down payment and kids' education. It's far better to start savings accounts for your retirement and your kids' education than to get life insurance on children. Good luck to you. |
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Bette
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It is never advised to buy life insurance for children. You need to take care of the person who pays the bills so if anything happens to them the family can survive. Don't buy life ins. for your children. You need to start saving some money, even if it is $20 a week. Start putting some money away. |
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LifeInsuranceAgent
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I wouldnt buy separate policies as it is a waste of money for them. If you are concerned that about final expense costs, you can typically add a child rider to a term policy. Total cost is about $60-$100 per year for $10,000 of coverage per child. With 2 kids, the total cost is $60 - $100 depending on the company. |
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e-Giftology.com
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Get life insurance for you and your spouse. Get permanent (Universal or Whole Life) as it will be dirt cheap for you. Term is not good at your age because in 10 or 20 years you either will have to pay much higher premiums or you won't have it at all.
For kids, I recommend that you get what is called a "Jumping Juvenile" policy. The value of the policy will triple once the child reaches a certain age and the premiums won't go up. With this, you will keep your children from having to consider what you are now having to.
GerberLife is a good one for kids. |
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SJR
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Sometimes it is a great idea to buy life cover for children. In many countries one can purchase life insurance only over 18 or 20 years old, and by then, some medical problems may prevent a purchase of any life cover.
Securing a life cover when a child is young and healthy may provide the children when they grow up a better starting point. It becomes more and more common in Europe and Australia.
If you can afford it - secure your children's ability to be insured with their lives when they are young. |
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WonderingMan
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Never is a strong word.
Buying permanent life insurance for the kids is a good idea, if you're considering funding their college education. Gains are tax free, and cash value in a life policy is not considered in the financial aid formula.
Buyer beware, however. Once you start a policy for the kids, you must make the payments every month or you may end up sacrificing the money you put into the policy.
If you do this, I think you would be grateful you have set aside some money for the kids, and given them a policy that they can carry forward for the rest of their life. |
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kldded
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I sell life insurance for a living and I ALWAYS recommend purchasing a policy on your children. I also always recommend getting something for you and your boyfriend. Make an appointment to speak with a local life insurance sales agent. Prepare for the appointment by figuring out how much debt you need to cover and how much you can afford in life insurance every month. I would recommend taking out a term policy for you and your boyfriend because you can get the most coverage for the least amount of money. I would reccommend a 20 or 30 year term. This way your children will bee 21 & 23 and 31 and 33 and won't depend on you as much financially. However, being that they are so young I recommend taking out a smaller permanent policy on them such as 25K. Also ask them about a disability waiver and guarenteed insurability endorsment. This means that if they were ever disabled the company would pay the policy for them and the guarenteed insurability would allow them to increase the policy in specific increments without ever taking a medical exam. The reason this is so important is that they are healthy now and do not need to go through underwriting. Say when they are 15 they come down with diabetes. Now if they try to get life insurance when they have kids they will either have to pay and arm and leg for it or will be turned down completely. Also, if they do not want the policy once they are adults they can cash it in for the cash value. It is really a great gift to give them one day when they have a family of their own. I would try and look for something called a 15 Pay. This is a fixed premium for 15 years and then you NEVER pay another premium payment but the policy is there for the rest of their lives earning dividends. Good luck! |
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Steve S
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If money is tight, I would suggest having an insurance rider on your policy to cover all kids for 1 price. I have a friend who's 15 year old son was killed. After this mom spent 6 month in and out of the hospital and father had to come home and watch the family. This really devastated this family who needed 2 incomes and was brought to none. I would highly suggest it, When you are in a position to purchase individual policies for the kids I would recommend a UL, as you can purchase more and you have guaranteed there insurability. Thanks for the great question |
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