How important is it for me to have life/health ins. for me and my daughter??

Question

Im 22 my daughter is 5mths. im concidering getting life/health insurance for me but then i thought. what about her? since her father would throw a fit if he had to pay a cent for his child...mommy has to do it herself!! I dont mind I love being able to take care of her on my own...but I was just curious on how important it is for her to have it and how important it is for me to have it as well.

Answer 1

It is one of the most important things you can do for your child. Medical care will be lifelong for your daughter and she deserves to have insurance.

Go after the dead-beat dad! He should be financially responsible for her too!!

Answer 2

You should definately look into medical insurance. If you work for a company that offers a group plan they often offer excellent coverage for minimal cost. Individual policies can be pricey but are worth it if you have an emergency or an accident. If you purchase an individual policy just be sure to do a lot of research on the company you buy from. Some of these companies that offer low premiums are a complete rip off (unfortunately I've been a victim!!!).

As far as life insurance goes, you should definately get some on yourself. In my experience, the agents want you to get enough to pay off your home, bills, college tuition, etc. Personally I think the amount they try to sell you is rediculous. But hey, no harm in trying they have to make a living! Needless to say we did not purchase the policy for $300K they wanted us to. We did get a policy for my husband that is large enough for me to maintain our home, groceries, and basic needs for about 2 years. We made this decision based on our son is 15 mos and we are expecting another, so in the event something should happen to my husband in the near future (God forbid) I would be able to stay home for at least another year to care for our children and then get a job to support the family myself. Consider your beneficiary too before you purchase. In the event something should happen to me and my husband together, the beneficiary is the person who will care for our children so they would have some help with the additional financial burden.

As far as life insurance for your daughter, a lot of people don't believe in having a policy for a child. I personally think it's a good idea. My point of view is I am not looking to benefit from the death of my child, but you never know what the future holds. By purchasing a policy now you are guaranteeing her insurability. If she maintains the policy through her adulthood she will never have to worry if she were to get some sort of illness that would render her uninsurable.

I know this is long and I apologize. I've done a lot of research on the matter myself! Hope it helps!

Good Luck!

Answer 3

It is absolutely imperative your daughter, at least, but both of you, should have health insurance. Throughout her young life your child will need many checkups and immunizations. She will get sick with regular childhood illnesses. She will need perscriptions of various types. Hopefully she will never have an accident, but you must be prepared for anything and medical bills are out of this world expensive. Having health insurance is the most important thing you can have. And for her at least you might want to include a perscription, dental and optical plan. But what about you? You need health coverage too.

Answer 4

Life insurance will support her if something should happen to you. This is very important. Obviously, she wouldn't be able to live on her own until she's older but it would make sure she had what she needed. Healthcare is very costly if you don't have an insurance company backing you. They negotiate costs down and end up paying less than what people with no insurance pay.

Answer 5

Definitely spring for the health insurance for both of you, and seriously consider life insurance on yourself. Health insurance can help avoid overwhelming debt and financial burden if anything major (God forbid) happens to you or your daughter, and also allow preventative care that can keep an eye on your family's health.
Life insurance for you can not only take care of your final expenses (funeral, debts, mortgage, etc.) but can provide financial means for your daughter should something happen to you. Make sure that your beneficiary (an adult, while your child is under 18) understands what your intentions are for the money after you pass, and will follow your wishes, as a will can not override who you name as beneficiary for the proceeds of the life insurance. Life Insurance is meant to insure someone whose loss would mean a financial burden for you; a spouse, parent or other person who contributes to your financial picture. Insuring a small child is not unheard of, but if you have to choose one over the other, get her health insurance. Best of Luck, and cheers to another single mom-don't know how you guys do it.

Answer 6

Its very important for both of you to have it, what if you get sick and have to go to the doctors, its very expensive for a visit without health insurance, or what if your baby got real sick and had to stay in the hospital for a while, who would pay for it with insurance, you would have to pay some, but only up to your out of pocket max for the year. As far as Life Insurance goes god for bid something happen to you wouldnt you like to know your daughter would get some money to help pay for the funeral expenses and what not!

Answer 7

Considering the fact that hospital bills and doctors visits can cost an arm and a leg without insurance, you are better off paying into an insurance coverage for the both of you. If, God forbid, something were to happen to either of you, you would be covered. One of my friends had to file medical bankruptcy because she broke her arm and required 3 surgeries.

Answer 8

You do not need life insurance for your daughter. But you do it need it for yourself - if you want to provide for her after your death. Consider a 20-year term policy - that way the coverage will be there until she is an adult.

You both need health insurance - I know it is expensive - but you can not afford to be without it - especially if either of you faces a catastrophic illness or injury. www.insurance.com will let you compare plans, carriers and prices.

Answer 9

The question is can you afford NOT to have health insurance? If your daughter were to get sick and need medical care, could you afford the hospital stay? Unless you're wealthy, probably not. I live in Massachusetts and every resident over the age of 18 is REQUIRED to have/get health insurance. I just don't see how you can afford not to have it. Things aren't getting cheaper and medical bills can ruin your life.

Answer 10

First off the life insurance isnt for the living its for the dead thats the simplest way to put it. Money would go to her if you passed away to help take care of her and your final expenses if they are not prepaid. If god forbid your child dies prematurely money will help you give her a proper burial and help support you until you are emotionally ready to resume work. As for health insurance I think its more important then life insurance but thats just the part mother of a terminally ill 14yr old part of me talking. My daughter was 18 months old when we were hit by a drunk driver as a result of the accident it left her profoundly handicapped and in the first week after the accident our medical bills combined were almost 1 million dollars thank GOD for health insurance. As she grew older as a part of disease process (she substained a brain injury in the accident leaving her w CP and in a wheelchair) her body began to age quicker then she is. Last yr she ended up in the hospital most of the yr due to illness and became dependant on a vent to help open her lower lobes. If you can only afford one I'd say health insurance. If you can afford life but are eligable for state paid insurance look into it. I have life insurance on myself, my husband, my nephews, my son but I didnt get it on my daughter and after the accident and due to her medical conditions as a result of the accident no company will cover her.

As for the dead beat dad, and my daughter has a biological father that is one, go after him for child support he doesnt have to see her but he should help support her.

Answer 11

You want to know why it is important? Have you not taken your 5 month old to the doctor yet for any of her shots? You, yourself need life insurance in case God forbid something happened to you, the benefits could go to your child.