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When I was quoting my own life insurance, they offered to add life insurance policies for my kids for a few dollars a month. The pitch was that at the end of the term (20 years) they would be able to insure their own life for $50K, no question asked. I was wondering how widespread is people insuring lives of their children?
Oh, and their life insurance value now would be $5,000. I'm not sure even if that would be an appropriate amount. Nor am I sure that $50K at 25 years old is an appropriate amount, neither.
Why would you need life insurance for your children? The purpose of life insurance is to provide for your spouse and/or children for a short period of time due to the loss of your income. This is anywhere from 2-5 years. Since your kids aren't likely providers for the family, there is no reason to cover them with life insurance.
The benefit of qualifying for a $50K policy later in life is also a crock. Chances are that they'd qualify anyway and would likely need more than 50K in coverage.
I have life insurance on all three of my children. It is offered through my husband's work. The amount is small (10K) I think. We decided to get it to cover any funeral expenses if, God forbid, something happened to them.
Also had a small policy (25k) on each to cover the actual expenses (funeral, time off work, etc), plus a small cushion to cover some level of loss in case the death was a little more catastrophic (car wreck, etc) and we needed a little for legal and medical deductibles...
I have life insurance on all three of my children. It is offered through my husband's work. The amount is small (10K) I think. We decided to get it to cover any funeral expenses if, God forbid, something happened to them.
Same here - just a small rider on our policy to cover any funeral expenses...
When I was quoting my own life insurance, they offered to add life insurance policies for my kids for a few dollars a month. The pitch was that at the end of the term (20 years) they would be able to insure their own life for $50K, no question asked. I was wondering how widespread is people insuring lives of their children?
Oh, and their life insurance value now would be $5,000. I'm not sure even if that would be an appropriate amount. Nor am I sure that $50K at 25 years old is an appropriate amount, neither.
Yes, but just enough to cover their burial if something should happen. Mainly it is so they can cash it out when they are older for money, or keep it for life. Gerber.
We actually have about $100,000 on our kids, the reason being is they can buy more in the future (about 1,000,000 worth), no questions asked so if they become uninsurable they will be able to buy more to protect THEIR family some day should the need arise. No, they don't contribute to our finances but they will have their own some day. I just know too many kids that have developed diabetes or cancer that can't get life insurance and will never be able to protect their families in the future. Our plans are, heaven forbid we need to follow through on this, is to pay for final expenses and then start a scholarship fund. Their policies run about $50/month or so.
We actually have about $100,000 on our kids, the reason being is they can buy more in the future (about 1,000,000 worth), no questions asked so if they become uninsurable they will be able to buy more to protect THEIR family some day should the need arise. No, they don't contribute to our finances but they will have their own some day. I just know too many kids that have developed diabetes or cancer that can't get life insurance and will never be able to protect their families in the future. Our plans are, heaven forbid we need to follow through on this, is to pay for final expenses and then start a scholarship fund. Their policies run about $50/month or so.
This is amazing forward-looking thinking . True, with kids and teenagers getting all kinds of illnesses, many of them will be uninsurable at 20. $50K sounds so pitiful now in this light. And 20 years from now $50K will be what, $20-30K in those dollars?
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. True, with kids and teenagers getting all kinds of illnesses, many of them will be uninsurable at 20. $50K sounds so pitiful now in this light. And 20 years from now $50K will be what, $20-30K in those dollars?
