ive been thinking about doing it for my son but ive heard a couple people tell me that its a bad idea.. what do you guys think?
2007-02-15 14:51:37 · 15 answers · asked by team_ank 2 in Pregnancy & Parenting ➔ Parenting
According to my hubby, we have it for our son. But its an automatic for him. He has it regardless if he signed up for it or not. I think its only like 10-15k
2007-02-15 14:59:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That's interesting - I just called our agent today about the same thing. I think term insurance is a good idea for your children if they are not currently covered under your policy. If you have life insurance, they may already be covered for a $5000 policy automatically if they are under 18.
Some people think that it is a good idea to purchase life insurance of $25,000 or so for your children in case they develop health problems and cannot get it for themselves when they are adults and want to start a family. This way at least they could keep paying on it, and have something. I would only get term though.
2007-02-15 23:01:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get a small policy. You never know what can happen. It can cover the expenses of a burial. It's not a way for you to collect like if your spouse was to pass away. Its definitely a good investment and there are some companies that allow you to convert it into another policy once the child turns 18. Seriously talk to a licensed insurance agent about it.
2007-02-15 23:00:06 · answer #3 · answered by mypassions4life 5 · 2⤊ 0⤋
I never thought it was a good idea until I realized that my husband and I do have life insurance on our kids. I thought the policy only covered me but I guess it's also $20,000 if [God forbid] anything happened to them. This is because my husband is in the military and they take out Family SGLI--I never knew until recently.
I think it's a good idea, now, because if you think about all the money situations after anyone passes it would be nice to ensure someone has a nice funeral.
I know it's horrible talking like this and very morbid but it's something we all should think about. I'm glad I figured it all out and realized that it is a good idea. In no way do I still feel [as I did before] that parents would be in a sense banking in on their child's passing.
I hope this helps.
2007-02-15 23:14:46 · answer #4 · answered by .vato. 6 · 0⤊ 0⤋
I used to work in insurance and I think it is a really good idea because if they are later diagnosed with with diabetes or cancer or another disease, they will not be eligible for life insurance. If you get it now, they can not take that away and (depending on the policy) the premium will not go up. Plus you can get policies that are like $5 a month for $10,000.
2007-02-15 23:12:35 · answer #5 · answered by Andrea 2 · 0⤊ 0⤋
Why would it be a bad idea? I mean aside from the obvious that life insurance payouts means the insured has to pass away...
Most insurance policies for children mature when they are college age and the one I have on my daughter will allow her to withdraw money from it to use for schooling. Shop around and find a good plan. :)
2007-02-15 23:00:06 · answer #6 · answered by lunartic5 3 · 0⤊ 0⤋
I have life insurance on both of my children. My dad took out a policy on me when I was born. It was a great policy and it was dirt cheap. He did it so in the future I wouldn't have to pay a fortune for life insurance.
The policy on my children, they can actually take out money if they need it in the future. It isn't just in case they die.
2007-02-16 10:36:46 · answer #7 · answered by TRUE PATRIOT 6 · 0⤊ 0⤋
It is sort of morbid thinking, but there is a need for it. If something were to happen to your little one, would you be able to afford the proper burial that you would like to give to your son? I'm not trying to lean you one way or the other, just let you know what one of the reasons would be to get life insurance for their child.
2007-02-15 22:59:44 · answer #8 · answered by Mariposa 7 · 0⤊ 0⤋
I have it for my daughter, a small policy that I pay into w. each paycheck. I also have a policy for myself, in the event that I die before she's 21, as well as a supplemental policy. I can't fathom the idea of having to use her policy- but in the event of something so tragic- things like a funeral and other expenses have already been taken care of. I don't think it's a bad idea, I think it's a smart idea. (Just like taking a policy out for yourself).
2007-02-15 23:48:28 · answer #9 · answered by trippedits 3 · 0⤊ 0⤋
It is very inexpensive and a wise thing to do. Sadly, I have known people who had to use it. But the good thing is that when the child becomes an adult, he can continue and/or improve the policy and take over the premiums for himself...and be guaranteed that the company cannot turn him down.
2007-02-15 23:22:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋
I was thinking about it, and would love to know the answers you get. Even if I don't end up getting life insurance for my child(ren), I'm definitely going to invest some money in a mutual fund for him so that he will have some financial security when he's older.
2007-02-15 23:00:00 · answer #11 · answered by keonli 4 · 0⤊ 0⤋