Kid's life insures...what's the best???

Question

Ok so i'm looking into life insures for my 4 year old 2 year old and one that's due sept. I want to get it just incase. I've thought of gerber since they can take it out and use it when they turn 21 or 18 whichever it was....but what are some other ones u have heard of what tell me some about them...I live in neb btw if that matters

Answer 1

Globe Life is another one.  That's what you asked.

What's BEST?  Well, I"m an insurance agent, I have three kids, and I don't insure any of their lives.  Me, personally (and some agents will disagree with me here on this), I think life insurance on kids is a major waste of money.  I don't insure my kids, and I don't recommend it to anyone else.

Answer 2

Go on line. Google "Life Insurance quotes." Then you can compare prices as well.

Answer 3

I don't look at life insurance on kids as protecting against a financial loss.  Realistically, you can put a kid in the ground for very little.  They also do not make an income.  From a financial perspective, your cash flow would increase substantially if one of your children died.  (I know it's cold to look at it this way, call me what you will).

When I talk with people about insuring their children's life, it's more in the context of a gifting program (if you have significant wealth you want to pass on) or with insuring their future insurability (with a convertible term policy, they would have the option of continuing coverage without proof of health later on, even if they are diagnosed with JRA, type I diabetes, lupus, or anything else).  A $100k term policy from a competitive company should cost about as much or less than the "jumping jeuvenille" policies you see advertised.

Most importantly, talk with a few different people to get multiple perspectives.  This helps when you make your decision.

Answer 4

You might investigate Flexible Universal Life because it will allow you to direct the premiums into an aggressive (if you choose) underlying investment.  It's a nice hybrid that allows you to lock in a premium rate because it's a "whole" life insurance type, and be able to maximize the value of the separate account so that in 30 years it's worth a whole lot more than a fixed return account. (3% or whatever)  Then the child has had life insurance the entire time, and the "surrender value" has grown exponentially over time with the rise of the markets.

Answer 5

I am always shocked when i hear an insurance agent say it's not necessary to insure a child!!

The best prices are when you're young & healthy

and face it - we all have to go SOMEday!

I purchased a $25K policy on all of my children when they were born - so they cost me $5-9/month (depending on boy or girl)

Burial expenses are now averaging $12K

Obviously some of these agents have savings enough to bury their children out of pocket if something unfortunate should happen... I don't