Should I Get Life Insurance for My Baby?

I recently signed up for life insurance for myself through State Farm (I have my car insurance with them, too). I went ahead and put a child rider on my life insurance ($10,000) and I'm paying less than $20 a month for it all (not including my car insurance, of course). If I have any more children, I basically just add them to it and they are covered, too and I don't have to pay any more money for them. So, that's a good deal to me. Hope this might help you...as you can see from other posts, it's just a good idea all around.

Hi S.,

I got life insurance on my children when they were about 3 weeks old. The life insurance was puchased for myself but I added my children also to the policy. The purpose of the life insurance on my children to have them covered in the event of death.

Feel free to to contact me at ____@____.com for further detail.

Its definitely a good thing to have. I have two friends who have lost children (one was born with a heart condition and they knew he wouldn't survive; the other died from complications of the croup). Both families had to pay out of pocket for funeral expenses because they didn't have life insurance for the baby.

My husband and I have bought a small policy for our son through an auto loan that covers expenses if death is incurred while in one of our vehicles. We are buying a house this summer and will be purchasing bigger policies for all three of us.

Many policy that you purchase for children are paid in full when they turn 21. My parents have one that they purchased for me as a child and its been paid in full. I have the option of increasing its value at any time without needing a physical or anything like that.

I have my children covered through my job. I did not do this for my first daughter, but I did after my second child was born. My rationale was that should, god forbid, anything bad happen to one, I wanted to minimize the impact on the other in terms of me being able to go to work, pay school tuition, seek counseling, utilize childcare.

I also believe ther eis some benefit to buying a small whole life policy because the rate is so low for a child and it makes cash available for them when they are older.

Most important make sure you have insurance on you and her father!

Life insurance is supposed to provide coverage for your family if somehing happens to the bread winner. Its kinda gross to think someone might want to get a payoff incase of an untimely death of their child.

Good morning S.,

my father bought life insurance for both my brother and me when we were children. My brother now receives a check about 4 times a year from them.

I bought life insurance on my now 7 year old daughter just in case. I went with Gerber life. It's cheap but covers alot. When she turns 18 it will automatically double at no extra cost. It's always better to have something like that that you can add to.

I got Jennifers policy for $10,000. It's only costing me abotu $80.00 a year.

I would get one, but not for the obvious reason (i.e., to pay expenses if something happened to her, God forbid). Many child policies are guaranteed renewable & offer the child opportunities to buy additional insurance at certain ages. This is important should your child develop an illness or choose a profession which would otherwise render her uninsurable. You don't need a huge policy-$15k would probably work, but make sure you look for one with the features I mentioned. Sometimes your insurer will allow you to add her & any subsequent children in a rider to your policy. Just make sure to check the terms and conditions. A good agent can really help you. Good luck.

Well, I have to say I am shocked to see so many "yes" responses, and it was interesting to hear that point of view. Everything we've read has suggested that life insurance policies on children is a big scam. Here's hoping you'll never need to use it.

Hi S.,

I am an attorney, and the main purpose of life insurance, and the question to ask yourself is: what would the death of _______ (so and so, child, husband, etc) cost? For a spouse, the cost is very high, because the loss of income. For a child, the cost is the funeral expense, any associated medical expenses, and time off work (if applicable). Life insurance is to prevent out of pocked expenses and to leave the beneficiaries "status quo" or, as they were before the event. Insurance isn't to be a payday; however, for the loss of a spouse, it is to put the beneficiary in a position they will not financially suffer from the death. Having a life insurance on a child may seem like a strange thing to do as a mother, because that is by far, the last thing you would ever imagine would happen, but it is wise to plan for the unexpected. Only you can decide what a proper amount would be. You may want to explore a family policy, where, different amounts are paid for depending who dies (spouse and child, or only child, or only spouse). If you are a teacher, ask your employer about insurance for the family. If they don't provide it, they could recommend a realiable company. God Bless you and your family!! -- V.

We had rider on our policy for all 3 daughters. It was only for $7,000, but it stayed in effect until age 25 as long as they lived at home. Unfortunately, we had to use it for our youngest, who died at age 20. Believe me, even if they're not contributing to the family budget, a funeral and marker cost around $7,000. That does not include the plot and vault. You could go cheaper, but that is a good average. Unless you have that "extra" I think a small policy is a good idea. In fact, I've purchased a Gerber Grow-up policy for each of our grandchildren.

Dear S.:
When my first son was born, my insurance agent talked me into a life insurance policy for him. It was for $25000 and was one that I could add extra cash to and earn dividends. That was the real reason I got it - so that it could grow with him. Tragically, I lost my beautiful little boy unexpectedly when he was only 18 months old. The life insurance helped to pay for the funeral expenses and also allowed me to take time off work to cope/grieve. I've since had two more children, and they both have life insurance policies as well (also the kind that I add the extra cash to each month). God forbid I hope I NEVER have to use them, but the kids will at least have that much life insurance when they go out on their own. And, I think it works that the cash value that is built up will mean that they will be completely paid for by the time they are 18 or 21 (I have to check the policy), so they won't even have to pay the premiums.

Hi S.,
My husband and I went through the same thing a few years back. We decided to get a whole life insurance policy on each of our kids not in the case of death but for the future when it will be harder to get insurance policies. I have a blood disorder and my husbands family has high blood pressure and bad hearts because of this we were concerned that they might not be able to qualify later in life. With their insurance policies they can buy up to $250,000 and never be turned down. Remember we are not raising children we are raising little adults what will they be faced with when they become adults. Good luck!!
E.

Hi, S. - Yes, we had it on our girls. I think it is smart, for the reasons that others have already contributed. I recommend Brian Chippi: ###-###-####. Great guy, not pushy, helpful - give him a call; I'm sure he'd be happy to help you in making some decisions. Good luck! N.

You can get the Gerber Grow Up Plan. Its a good one. www.gerberlife.com
Life insurance is not just to compensate for a lost family members income and possibly pay off outstanding debt but its also helpful in paying some of the costs of a burial as well.

I would highly recommend purchasing the insurance. We purchased a policy for our daughter through Gerber Life almost immediately after her birth. Total yearly costs for this policy have only been about $60-$70 per year. I also like Gerber because there are different payment options (monthly, quarterly, semi-annually, annually). It's one less thing I have to worry about & it helps me to sleep at night.
Good luck in your search.