Children's Life Insurance

Updated on December 16, 2007
M.P. asks from Owenton, KY
12 answers

I was just wondering if anyone carries life insurance on their children? My husband and I have been discussing purchasing life insurance on our three children, but would like some input from other parents. What company is the best to go through? How much is a reasonable amount to insure them for? What should we look for? What should we avoid? The subject has come up for us recently because our 5yo daughter had been having some health issues and originally her doctor thought she had leukemia or lymphoma. Thankfully, it was nothing so serious, but it did bring us face-to-face with the undeniable fact that if something happened to any of our kids, we don't have life insurance on them or the cash on hand to cover the neccesary expenses. My husband and I would appreciate any advice offered on this matter. Thank you!

What can I do next?

  • Add yourAnswer own comment
  • Ask your own question Add Question
  • Join the Mamapedia community Mamapedia
  • as inappropriate
  • this with your friends

More Answers

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

J.F.

answers from Lima on

M.,
Speaking as an agent in Ohio and Indiana. It is one of the best gifts you can actually give a child. Now of course I'm partial to the company I work for, but Gerber has a wonderful plan as well. My mother has the gerber plan that she bought when my daughter was born. I then bought my own $25,000 plan for my daughter because I wanted to be sure that I had my own coverage for her, as well I bought a whole life policy verse a term policy so it can build cash value. Now I say that because it's a way to fund college if you use it right. I pay about $54 every three months for her policy and it will be paid up in 20 years. And by the time she is 18 years of age the garunteed cash value (which means it builds equity kind of like a home does) will be enough to pay for one or two years of in state tuition. Which to me is awesome. I save for her in an education funding account but it never hurts to actually have a back up plan. I know its my job, but it really is something I believe all people, children or adult should have. If you have any questions about anything your agent has said, or I have said that you could use some help understanding. Or if you need anymore advice please let me know. This is my job. Also, I wanted to say that you really do need to do your research. Some companies sell just to sell and don't sell the right plans for you. If you want it for final expense coverage (God forbid), and educational funding you need to be in the right "type" of policy. There are several different plans; whole life and term, to choose from. So please, be cautious! Happy hunting!

J.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

S.

answers from Dayton on

State Farm has a good program that I can recommend called a 10 or possible 15 Pay Plan, meaning you pay on it for 10 to 15 years, (I think it is 15 years now, it was 10 when I worked there) and then you are done the policy is paid for and just continues to earn interest and grow. It also has a nice savings part to it, if your child would decide to cash it out, which I would not recommend. Be sure to get a policy with guaranteed renewability and insurability. Financial strength of the company is also very important, you want the company to be around when it is time for the policy to be paid. You are very smart to think ahead about these things, many parents don't and then if a health issue does arise it is too late. Good luck and Merry Christmas!

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

S.Z.

answers from Cleveland on

We ahve been tossig that around too. We have State Farm Auto Ins and they do life insurance. So look into your auto ins providers and see if they offer life ins. You may want to check with your health ins providers and see if you can buy individual policies outside of your works policies.
Good luck
S.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

T.B.

answers from Cincinnati on

I would suggest to anyone to not only make sure they have life insurance but also their children. As our insurance told us, before I had Tyler, if you don't get life insurance within the first few weeks and then they diagnose something on a child then they most likely will not get covered. We are very glad we took his advice. I'm not sure what is the best rate, but I know we carry the same amount for him as we do for us.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

A.S.

answers from Columbus on

I have an agent friend in insurance and he told me to just have a small policy like 10K to cover expenses. However, if your children have ongoing medical issues, it may be good to get them more guaranteed coverage now in case they can't qualify for some later because of chronic illness. It's my opinion that you shouldn't get some big fancy plan though. You are better off putting the extra money in a 529 for college or something. disclaimer... I'm not an expert...talk to a licensed professional ;-)

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

J.F.

answers from Dayton on

Hi M.,

Life insurance is a MUST to have on your entire family. A basic funeral cost between 5K to 7K and even more depending on what you would want. We have four sons and each one has a policy. We go through Kansas City Life for our insurance needs. Each son had a 25K dollar policy which was converted into an adult policy once they turned 21. Our oldest son recently had this done and he did not have to have any blood test or urine test done since he was an existing customer. The boys' policies cost us $90 a year but they do have cheaper policies available. If you would like to speak to our agent, please feel free to contact me. He would gladly give you an estimate and answer any questions you have. Hope this helps and I wish you the best of luck.

Jackie

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

J.N.

answers from Dayton on

Hi, We have life insurance I know on one of our 4 kids cause he started to have health issues. We have it on both of us for sure because you would hate for someithing to happen then worry about how you where going to be able to afford to everyting. I am so glad we got it because he (my son)has had a life threating seizure. People hate pay for it but don't realize that after you get the illness it almost to late then. And work insurance never covers enough to take care of you and your family. My neighbor was only 34 when diagnosed with cancer. He had been totally healty. My husband is a American Family Insurance Agent. If you even just wanted to ask him questions is email is [email protected]____.com or phone is ###-###-####. Hope this helps. Jo

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

A.M.

answers from Columbus on

M.,

I have a 3 month old son and we got a life insurance policy on him the week after he was born. Not only does it help to cover costs if, God forbid something were to happen to him as a child, but ALSO if he develops some sort of medical problem when he's older and cannot purchase any more life insurance he'll at least have the policy you purchased for him. My husband actually sells life insurance and is VERY well educated (as you can imagine). He works for State Farm who does have GREAT policies. You can call any agent and ask for a free review on their policies. Any one of them will be willing to help. There are other good companies out there but we were with State Farm LONG before my husband started working for them. If you have any detailed questions I'd be happy to help.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

T.B.

answers from Youngstown on

Hi M.! Life insurance is a very good idea. We lost a daughter at 5 months and the expense was unbelievable. In the event of such a tragedy you don't need the stress of financial worries on top of everything else. Just really check into which ever company you decide to go with. My mom took insurance out on all of her grandchildren through Gerber, and when we lost our daughter they told us the policy had to be in effect for ONE more day before they would pay out, needless to say we saw nothing from them and ended up paying over 10 thousand between the funeral and headstone and cemetary costs, a stress we did not need. So just research the policies very well. Hope this helps
T.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

B.W.

answers from Cincinnati on

Gerber has life insurance available at reasonable rates.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

L.

answers from Cleveland on

We wondered about this too. I have a friend who is in the insurance business so I asked him. He said it would be good to have a policy for each child because it makes them insurable. I have a 10,000.00 dollar policy on each of my children, and they only cost me 30 dollars a year for each one.
Health insurance is the other one you don't want to be without.

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

T.P.

answers from Canton on

We have life insurance policies for each of us. It's a necessary, and relatively inexpensive, thing to have. For all 4 of us, we only pay $35 a month. My parents lost a baby in between my brother and I, and had to pay for the funeral expenses. So it's definitely a good thing to have. And generally the younger you are, the cheaper it is. Our policy is through Primerica. I believe they have a website. Our contact there is Michael Granam. He's a wonderful guy. I used to work with him at another business. He'll take good care of ya.

For Updates and Special Promotions
Follow Us

Related Questions

Related Searches