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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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if you have life insurance, do you have it out on your child?
i'm in the middle of filling out the paperwork for life insurance. there's an option to cover DS for a minimal amount of money. i want no part in insuring my son--i find it horrible. DH wants to because his parents insured him and his siblings.
do you have insurance on your children if you have life insurance? i'm not sure what to do, but i really don't want to do it.
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Posted 2/16/09 9:21 PM  |
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Mkr09
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Member since 5/05 7550 total posts
Name:
M
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Re: if you have life insurance, do you have it out on your child?
We didn't do it....but my MIL took out a policy on DH when he was a child. She had been paying up until a couple of months ago and then asked if we wanted to take it over. It's only $10 a month we get $10,000 in coverage. We might eventually get one for Kaydyn.
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| Posted 2/16/09 9:23 PM |
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KateDevine
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Member since 6/06 24950 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
No. Those Gerber mailings go right in the garbage
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| Posted 2/16/09 9:25 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: if you have life insurance, do you have it out on your child?
nope I don't see the need
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| Posted 2/16/09 9:29 PM |
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Re: if you have life insurance, do you have it out on your child?
No. Horrible as it is to discuss it, someone advised me that as long as I'd be prepared for funeral expenses this is not necessary. That advice stuck in my mind.
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| Posted 2/16/09 9:29 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: if you have life insurance, do you have it out on your child?
Posted by KateDevine
No. Those Gerber mailings go right in the garbage
it's not through gerber. i would never take out a separate policy. it's through my life insurance company. it's about $3 a month for $10,000 coverage.
Message edited 2/16/2009 9:48:03 PM.
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| Posted 2/16/09 9:34 PM |
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KateDevine
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Member since 6/06 24950 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by browneyedgirl
Posted by KateDevine
No. Those Gerber mailings go right in the garbage
it's not through gerber. i would never take out a separate police. it's through my life insurance company. it's about $3 a month for $10,000 coverage.
No, I realized that. We have it thru DH's work and we have the option as well, but those Gerber mailings always stick out in my head
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| Posted 2/16/09 9:42 PM |
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ABCiverson
<3 my family
Member since 1/06 7465 total posts
Name:
Amanda
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Re: if you have life insurance, do you have it out on your child?
yes...My husband is in the military and our kids have life insurance through the military.
My first child died of SIDS at 4 months old. His funeral and headstone cost us over $7000. Luckly his life insurance covered it and then some because we wouldn't have been able to afford that!
While its tough to think about you never know when you will need it
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| Posted 2/16/09 9:54 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: if you have life insurance, do you have it out on your child?
There are two other reasons to have life insurance for your child.
1. It builds cash value
2. Should they become ill when they are older they will have life insurance already and not have to deal with being denied because of illlness.
Funeral expenses are the last thing I would think of. We do not have it but are not averse to it for the reasons mentioned above
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| Posted 2/16/09 9:56 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: if you have life insurance, do you have it out on your child?
Posted by melijane
There are two other reasons to have life insurance for your child.
1. It builds cash value
2. Should they become ill when they are older they will have life insurance already and not have to deal with being denied because of illlness.
Funeral expenses are the last thing I would think of. We do not have it but are not averse to it for the reasons mentioned above
it would be term which doesn't build cash value. it is super cheap and we're definitely not taking a whole life policy on us or the kids. would #2 still apply?
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| Posted 2/16/09 9:58 PM |
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ABCiverson
<3 my family
Member since 1/06 7465 total posts
Name:
Amanda
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Re: if you have life insurance, do you have it out on your child?
Posted by browneyedgirl
Posted by KateDevine
No. Those Gerber mailings go right in the garbage
it's not through gerber. i would never take out a separate policy. it's through my life insurance company. it's about $3 a month for $10,000 coverage.
if its only $3 I recommend getting it. $10,000 is what we got for our son and while we hoped we would never need it, we did. It helped knowing we had help when we needed it
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| Posted 2/16/09 9:59 PM |
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Re: if you have life insurance, do you have it out on your child?
Posted by ABCiverson
Posted by browneyedgirl
Posted by KateDevine
No. Those Gerber mailings go right in the garbage
it's not through gerber. i would never take out a separate policy. it's through my life insurance company. it's about $3 a month for $10,000 coverage.
if its only $3 I recommend getting it. $10,000 is what we got for our son and while we hoped we would never need it, we did. It helped knowing we had help when we needed it
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| Posted 2/16/09 10:10 PM |
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MyChip-n-Dales
lifes many lil twisted curves
Member since 10/07 5158 total posts
Name:
aeriell
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Re: if you have life insurance, do you have it out on your child?
we have on both my boys. heck i already have a will filled out since they were a year old.
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| Posted 2/16/09 10:57 PM |
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Disneygirl
Disney cruise bound!
Member since 5/05 8126 total posts
Name:
D
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Re: if you have life insurance, do you have it out on your child?
I always thought the point of life insurance is to have it because if you're gone it would put a financial burden on your next of kins. DH and I didn't even take life insurance out on each other until we we had DD.
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| Posted 2/16/09 11:04 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: if you have life insurance, do you have it out on your child?
Posted by twinboys425
we have on both my boys. heck i already have a will filled out since they were a year old.
we've had a will, proxy form and something else (can't remember) since before i was pregnant! we're trying to be prepared since you never know what can happen.
anyone else have any opinions?
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| Posted 2/17/09 8:08 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14007 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by Disneygirl
I always thought the point of life insurance is to have it because if you're gone it would put a financial burden on your next of kins. DH and I didn't even take life insurance out on each other until we we had DD.
That isn't the only reason. There are many reasons to carry life insurance.
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| Posted 2/17/09 8:15 AM |
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pharmcat2000
Mom of 2 + 1
Member since 10/05 7395 total posts
Name:
Catherine
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Re: if you have life insurance, do you have it out on your child?
My initial response was going to be no. But as awful as it is to think about, I think maybe I agree with ABCiversion -- for only $3 a month it probably can't hurt.
While life insurance is to help ease the financial burden on the family and to kind of "replace" the income that person generated, a $10,000 policy just to cover expenses in the event of the unimaginable might be worth it.
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| Posted 2/17/09 8:23 AM |
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fins
LIF Adolescent
Member since 9/07 821 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by browneyedgirl
Posted by twinboys425
we have on both my boys. heck i already have a will filled out since they were a year old.
we've had a will, proxy form and something else (can't remember) since before i was pregnant! we're trying to be prepared since you never know what can happen.
anyone else have any opinions?
How long is the term good for? Since the premium is so inexpensive it is good because like a previous poster mentioned something may happen later on that makes your child uninsurable....at least in the future they would have some coverage.
I would do it for that reason. I know 2 people that have a small policy their parents bought them and it is the only coverage they have because they are considered uninsurable.
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| Posted 2/17/09 8:29 AM |
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KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
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Re: if you have life insurance, do you have it out on your child?
yes, all 3 of my kids have whole life policies.
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| Posted 2/17/09 8:30 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: if you have life insurance, do you have it out on your child?
no, i don't think i would ever do that... god i can't even think about that
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| Posted 2/17/09 8:34 AM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: if you have life insurance, do you have it out on your child?
My grandma has Gerber policies for both my kids. The price stays the same into adulthood and covers them if they are uninsurable in the future.
If god forbid something happened to your child, you would have a funeral to pay for which is a lot of money. If you have that money in the bank (most people don't), then by all means, skip it.
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| Posted 2/17/09 8:54 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: if you have life insurance, do you have it out on your child?
I have a policy and he's not even born yet -
DH and I own a family protection type of policy where each child born into the family is automatically covered for $10k, and then we can increase the amount later on .........
It's not the happiest thing to think about - but it's realistic.
We'll buy a whole life policy for him as well - I'm not sure of the minimum age requirement though -
No one lives forever - I'm not doing it thinking about coving his life for myself ........I'm thinking VERY long term -
My Dad took out whole life policies on my sister and I when we were VERY young and the premium was next to nothing ........
When we hit 25, we had options to purchase additional policies for ourselves at the same rate (again, cheap) - so, of course we did. So, my Dad still owns a $100k policy on each of us, and we now own our own policies as a spin off to that original one -
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| Posted 2/17/09 9:09 AM |
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MyChip-n-Dales
lifes many lil twisted curves
Member since 10/07 5158 total posts
Name:
aeriell
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Re: if you have life insurance, do you have it out on your child?
Posted by browneyedgirl
Posted by twinboys425
we have on both my boys. heck i already have a will filled out since they were a year old.
we've had a will, proxy form and something else (can't remember) since before i was pregnant! we're trying to be prepared since you never know what can happen.
anyone else have any opinions?
OMG!!! i have the health care proxy as well..... I thought i was the only freak. and im only 31.
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| Posted 2/17/09 9:13 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: if you have life insurance, do you have it out on your child?
Posted by KPtoys
yes, all 3 of my kids have whole life policies.
Do they get to take over the policy when they are adults?
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| Posted 2/17/09 9:13 AM |
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Re: if you have life insurance, do you have it out on your child?
No, only for DH and I.
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| Posted 2/17/09 9:31 AM |
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