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Q & A

Do you hold a life insurance policy on your child’s life?  Do you think it’s sort of morbid to do so?

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    • +1 votes vote up vote up

      Msj wrote Aug 12, 2010
    • My ex husband did when he had him for a few years and I thought it was morbid.... I didnt trust him!  but he said it would pay for a Funeral if needed and he didnt have that kind of cash if something happened.... I was horrified.....

      Now looking back I think it was ok....because we have no money and the family with the money wouldn’t care.




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    • +1 votes vote up vote up

      Tamra wrote Aug 12, 2010
    • I understand, msj.  I can see why it might seem a bit odd, or even scary, if you don’t trust the dad.

      I have a paid-up policy on each of my two children, just as my mom did for my sister and me.  My purpose is so that I can give it to them when they are grown, knowing they’d never want to spend their own money for it while they are in their 20’s and it’s still cheap.  I’d also like to start an IRA for them once they have taxable earned income.  (Sorry, I know this sounds really nerdy.)




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    • +1 votes vote up vote up

      Mary Clark wrote Aug 12, 2010
    • Yes I have insurance policies on BOTH!!  And no I do not consider it to be morbid.  It is a 100% CHANCE we are all going to check out of this world!  None of us know when that day is going to be.  When it’s your time...it’s your time.  Of course none of us want to bury a child.  How awful to even think about it, BUT...it happens every single day.  It costs money to bury ANYONE....and it’s not cheap either.  I say...carry a policy that will cover burial expenses especially when they are small until they start owning things such as a car etc.  

      My two boys ages 21 and 25 both have policies on them.  My oldest has some through his employer but I have a policy as well that he can have and pay for later on down the road...with a premium that never goes up.  He has debt and he needs to be covered to pay off that debt plus his burial expenses.  My 21 year old is a full time student and he too owns his own truck and a 16ft closed end trailer.  He has debt therefore he needs to be covered.  On of his policies will be for him to keep for the rest of his life.  I use to have these parents who were members of my credit union where I work who lost their 20 year old son on his motorcycle that was financed with us.  He died and the bike was totaled.  No insurance to cover the debt and his parents continued to make that payment until it was paid off.  It would upset me every time they came in to make that payment. So...for me..it is very important.  

      Also...my next step is to have wills and power of attorneys drawn up for both of them.  I can’t tell you how important those documents are for everyone to have.  If you don’t have either one...you need to get it.  

      People can think all of this is morbid all they like but when it happens and you‘re caught not prepared...its very very hard to deal with.  Being prepared for the worst is always the best thing.




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    • +1 votes vote up vote up

      Mary Clark wrote Aug 12, 2010
    • Tamra....IRA is good..but you now that.  Just don’t do the Coverdell thing...NOT A GOOD THING TO DO.  If they get scholarships for college...it hurts them with having the Coverdell. FYI




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    • +1 votes vote up vote up

      Tamra wrote Aug 12, 2010
    • You are a wise woman, my dear Mary!heart




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    • 0 votes vote up vote up

      Mary Clark wrote Aug 12, 2010
    • When you‘re kids are younger...it’s probably not as important but I feel the insurance is just for burial...of course not to get money.  If you have money in savings to pay for a burial then I guess you don’t need it.  I know..not the best topic.  But when your kids get to the ages of mine and they own property or have debt...it’s important to be covered. The insurance policies my boys have do have a cash value and the premium will never go up.  So when they are out on their own, they will at least have a policy with a smaller premium and it will be one they will have outside of say what an employer might provide. With the way things are going with employment and benefits...the chances of having those life ins. benefits are slim to none.  So this is a policy I started for them and eventually they can take over the premiums.
      But with my boys’ ages...the wills and the POA’s I think are very important....anything can happen.  If one of them were to be in a car accident...in a coma..I want to be able to make decisions for them and handle their affairs.  Once they are 18...you no longer have that right.




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    • 0 votes vote up vote up

      Lazylola wrote Aug 12, 2010
    • Thanks for the great question and great information.heartheart




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    • +1 votes vote up vote up

      Lisa Middlesworth wrote Aug 12, 2010
    • I have life insurance on both of my kids. I don’t think it’s morbid at all. You have to be prepared for anything. Of course, we also have life insurance on ourselves. I don’t want my children to worry with finance at all.
      We have our living wills prepared and all provisions made for the distribution of our $$ that are left after bills are paid off to be split between both of them equally.




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    • 0 votes vote up vote up

      Mary Clark wrote Aug 12, 2010
    • That is great Lisa!!  It makes it so easy on your loved ones when you have your affairs in order..and it will make it easy on YOU when you have things of this matter in place for your kids.
      If and when I have grandchildren..I’ll start a life insurance policy for them along with a savings account....and bonds.  

      I’m amazed at the number of adults who do not have a will.




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    • 0 votes vote up vote up

      Msj wrote Aug 12, 2010
    • my 27 yr old is on disability and can he even get life insurance?  I am not sure from one day to the next frown
      and I have NO money...... for you know....

      How would I go about that?




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    • 0 votes vote up vote up

      Tamra wrote Aug 12, 2010
    • Nice to see so many financially savvy ladies here sharing some good advice.  Indeed, planning for an unexpected burial was one of my motivations, too.  But another was that it was also very cheap since I bought it when they were babies.  I paid the premiums for 10 years and it is now paid in full.  Although it’s not much, they will each start adulthood with a whole life $25,000 policy.  I know that as 20-somethings they would never want to buy it for themselves, but they will need a little coverage for that almost certain car loan, like Mary pointed out.




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    • 0 votes vote up vote up

      Tuliplady wrote Aug 12, 2010
    • I’ve never had life insurance on any of my kids.  It was just never in the budget, hard enough to keep my own paid up. Wish we could have afforded it.

       I buried a son and it wiped out what little savings I had which was an inheritance from my grandmother.  I’ve never managed to be able to get caught up and get that money put back in savings either.  Funerals are not cheap.

      Good point Mary about everyone needing a will.  I started working on that a few months ago and got sidetracked, thanks for the reminder.




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    • 0 votes vote up vote up

      Msj wrote Aug 12, 2010
    • so what would one do if on ssi and disability? wow




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    • 0 votes vote up vote up

      Anne E wrote Aug 13, 2010
    • No




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    • 0 votes vote up vote up

      Denise Richardson wrote Aug 13, 2010
    • Yes we have insurance policies on both my daughters as well as my grand daughter and I totally agree with you mary it’s nothing morbid about being prepared for the worse, of course we don’t look forward to anyone dying but it is so much easier to be prepare for when it happens.




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    • 0 votes vote up vote up

      (華娃娃) ChinaDoll wrote Aug 14, 2010
    • Sigh!  When it is needed, then we wish we had it in the beginning. heartbreak




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