Yesterday i asked

dbb2331 · November 2010

What your opionion was about Life Insurance for your LO's because open enrollement is here.... I didnt get good response and it was late in the day....any one have an opinion out there???

dont be shy there is no right or wrong anser just curious on your thoughts?

two-pink-shoes · November 2010

I have a $5k policy on DS...just enough to cover the expenses if God forbid something were to happen to him. It only costs me about $2/month though through my company.

rlscheck · November 2010

We did not do life insurance for our DD, but my parents took out a policy for me when I was born to cover any funeral expenses in case something happened.

samk213 · November 2010

I'm curious why an infant would need life insurance? I don't see any reason. The main purpose of life insurance is to provide for your dependants if something happens to you. Instead of getting life insurance on your child, I would make sure your own life insurance policies are enough that if something happened to either one of you, you could pay off your home, be able to take time off work if you wanted, pay off your car, put aside money for 4 years of college and to cover the salary that your spouse would have provided to the family for a certain amount of years.

2mommiesinoh · November 2010

My work has a 10k policy for children that I added when DD was born. It is just in case something happen we can pay for the expenses.

PubStar09 · November 2010

We're looking at policies right now. Why wouldn't you get LI for LO? Just enough to handle burial expenses. I can't imagine having to pay off funeral debts on top of mourning the death of a child.

Laura_Lee · November 2010

two-pink-shoes:
I have a $5k policy on DS...just enough to cover the expenses if God forbid something were to happen to him. It only costs me about $2/month though through my company.

This exactly. For the price through my husbands job, it would be silly not to get it. I don't know what your monthly bill would be, but if it's low I would definitely recommend it. It's awful to even think about, but god forbid if something should happen, money would be the last thing you would want to think about.

monkski · November 2010

I don't think it's worth it. Just start a savings account for LO instead and you can use that money if you need to, otherwise, they have some money for later. I've always believed that you only need life insurance if someone else's life would be drastically financially different if you died.

jlhebb · November 2010

monkski:
I don't think it's worth it. Just start a savings account for LO instead and you can use that money if you need to, otherwise, they have some money for later. I've always believed that you only need life insurance if someone else's life would be drastically financially different if you died.

This.

darlingcoley · November 2010

We have a policy through DH's job...I think for 10K. Enough to cover burial expenses and any medical bills that may occur.

sugarland726 · November 2010

DD is a rider on my policy for $3,000. This will help cover funeral and burial expenses. If you have the money sacked away in savings, that's certainly fine, but for $21 a year I would rather do it this way.

javorka.samantha@gmail.com · November 2010

There is another option for you - I don't know if you've heard of this (I hadn't until recently). My brother is a financial planner (turned yoga instructor) and he said there are LI policies out there that you can get for your children and can be set up so that if something happens before 18 yo you can use it for burial or whatever you need... but if you don't use it after 18 you can cash it out and use it for college. I'm not sure if every plan is similar and I'm not sure what kind it is, but he said a lot of people are going that route now as a way to save up some cash for college. We didn't go that route, but it might worth some research.

AbJams · November 2010

monkski:
I don't think it's worth it. Just start a savings account for LO instead and you can use that money if you need to, otherwise, they have some money for later. I've always believed that you only need life insurance if someone else's life would be drastically financially different if you died.

I know this is going to sound terribly morbid, and none of us like thinking about it but... the death of your child CAN make your life drastically financially different. Not only are funerals very expensive, if a child dies after a battle with an illness there are those expenses to consider, and the amount of time the parents would take off of work. We will be taking out policies on ourselves and DD, yes.

ladybug8510 · November 2010

We do not have a policy for DD because if something were to happen, we can cover expenses.

I think it would be good to get if there is any chance that your LO might develop a genetic condition that would make them uninsurable later in life. If there is a family history of something, then I would look into it, but otherwise, I think it's a waste.

Want a personalized experience?

Yesterday i asked

Re: Yesterday i asked

Choose Another Board

Search Boards