Is life insurance for children worth the cost.

United States
August 11, 2007 2:37pm CST
Recently, I received an advertisement in the mail for life insurance for children. They mentioned that purchasing life insurance could protect a child's insurability in cases where the child develops a medical condition later on. And, I was wondering, do you think life insurance for a very young child is a good idea? Would love to hear your thoughts on this matter. Thanks.
2 people like this
8 responses
@maddysmommy (16233)
• United States
14 Aug 07
I receive in the mail Gerber life insurance which I have been umming and aaring over for the last couple of months. Not sure whether I should invest or not and would be interested in hearing others thoughts on this too.
• United States
11 Aug 07
It is very much worth it if you get them whole life insurance. Term life is only a waste of money. Gerber grow up plan is the best out there that I know of, just make sure it is the whole life and not term. Both my kids have it, bought it when each turned 3. Most states will not let you buy it until they are 3. Like the other poster said when they turn 18 it doubles and their rates never go up, plus whole life builds cash value that they can borrow from for college or a wedding or whatever. I wouldnt suggest a policy more than 10 or 15,000 dollars though. Plus god forbid your child should ever pass away, I know that is a awful thought to deal with, but at least you will have the policy that will give your child a lovely and proper burial.
@3lilangels (4639)
• United States
11 Aug 07
me and my husband got our 3 young babies the gerber insurance.and its very cheap its only like $14 a month for all 3.and when they get 18 it doubles.so then they would have 20,000.i think its great to take out when they are babies because when they get older they can have the same policy and the rate wont change,and also they can higher the insurance amount if they want to.
1 person likes this
@DanaMark (807)
• United States
16 Aug 07
We had a small policy for our son when he was little. That was just in case something happened. My parents always had policies on me so I guess I just continued the tradition. When our son was a teenager we bought a larger term policy. We're glad we did since he developed diabetes and now would have to pay much higher rates to get a new policy. I guess it is a lot like all insurance policies - they are a waste of money if you don't need them, but are necessary if you do need them.
@navtech (1776)
• India
13 Aug 07
Dear beautyqueen26, I feel it is better idea to have an insurance for child because you can save some money for your kid future. On maturity of the insurance you can invest the money in your child's name. I made an insurance in my daughter's name for 12 years. On maturity I got the insurance money with bonus. I made a fixed deposit in her name. Further again I insured her for large sum. I hope she would get large sum after 21 years which will be useful to her.
• United States
13 Aug 07
i think it is but at the same time, i dont think its the MOST important thing, ya know. I'd say to insure both parents first and then if theres still money left over, then go for the chilrens insurance.
@KrisNY (7591)
• United States
12 Aug 07
I think having a small amount is good- Enough to cover costs in case something does happen- Also my parents had it on me and then turned over the policy to me when I became 18- it was one that built up cash- so I cashed out and used the money for college- I have another policy now- So I think it's good to have life insurance on your kids.
@LittleMel (14037)
• Canada
11 Aug 07
I think if you have a child, insurance is important. it can be life, health etc. I have no child myself, but if I do, I will get the same insurance I have for myself, except that it would be for a lot younger person.