Anyone bought insurance for your kids?
June 3, 2007 12:53am CST
Need your advice. I want to buy some life policies for my 5 yr old boy..Any recommendations and suggestions most welcome.
9 Aug 07
I bought some kind of so-called 'lifelong happiness insurance' for my son since he was four years old. We have to pay for the insurance till my son reaches 15 years old. It is like this: when my son reaches 15, then he can get 1500RMB as a reward for his going to senior high school and when he is old enough to go to college, he will get another 1500RMB to go to college. And when he is old enough, he can get a sum of money for the marriage. Then when he reaches 60 years old, he can get a monthly pension every month. As to the exact amount for each month of the pension, it is not much, less than 1000RMB. But it is ok, because my son will get his pension for his retired life when he works. I am very happy to have bought this insurance for him. This year he is going to senior high school and will get the 1500RMB. It sounds good.
• United States
9 Aug 07
Both my children ages 7 and 3, have a very small policy. It is the gerber grow up plan, and it is whole life which is best for young kids. you dont want term it wont build any value. When they turn 18 they can use and accumulated monies for school or to buy a car, or just carry it over for the low wage you have been paying up til then. Their rate will never go up. If for goodness sakes they passed away, you would have enough to bury them with a proper burial. Dont let anyone make you feel guilty either, it is a very good thing to have.