What's the wisest way to insure minor children with regards to life insurance?

Question

Everyone of us is relatively healthy as a general rule.

Answer 1

The wisest choice is to not insure them and put the money you would pay for insurance premiums in the bank. Not to sound cold, but insurance is meant to insure against monetary loss. The bread winner of the family should have life insurance as the loss of that life puts the family income at risk and needs to be replaced. Children typically do not add to family income, but do incur expenses. Food, clothing, toys, school, books etc. Again, not to sound cold, but losing a child is not an economic hardship, but actually an economic benefit. Better to buy more insurance on the bread winner than any on the children.

Answer 2

most parents just add their children to their existing insurance policies.

Answer 3

If you feel that life insurance on your children is important then there are 2 things to know:

1. Most companies will not sell term insurance for minors - this is a good thing, since A. They'll almost certainly outlive it, and B. Whole life is just as cheap or cheaper for minors as term is for adults.

2.  You should look into getting a policy that pays dividends, such as those offered by most 'mutual' insurance companies.  This means that when your children are grown and off on their own they have the options of continuing to pay for the coverage, or letting the dividends pay the coverage, or letting the policy lapse and having a nice little payday with the accumulated cash value.  

Some people will say that life insurance for minors is always a bad decision.  I say there's never an absolutely right or wrong way for everybody.  The most important thing is your feelings.  Make sure that you feel more secure about your future in your decision.  i.e. if you are concerned about saving money for your kids only, just invest wisely.  If you are concerned about possible final expenses or future insurability, then why not put a little towards an insurance policy?

Answer 4

If you have Insurance policy you can add children under 25 of age rider available for very nominal premium covers all your children.

Or Talk to an insurance agents.