Gerber or Globe?

Question

I have policies for both of my children with both of the companies. I want to drop one of them. Which is better? The amounts of coverage are the same for both kids.

Answer 1

Put a rider on your life insurance policy to cover the kids and drop all 4 of those policies.

A child rider will cost anywhere between $4 and $8 for about 10k. The one rider will cover all your children equally.

Answer 2

Drop both. Why would you have life insurance on a child? Nobody depends on the child to hold a job to bring in money for the family (breadwinner) nor to keep the household running (cooking, cleaning, child care) [homemaker]. The only thing might be to cover the child's funeral but that is too morbid to consider. Saving for college is not an issue as putting the money into savings account would do just as well.