Life Insurance for Your Children

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DocStram

DocStram

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Our good friend ilikewood (whom I kiddingly used to refer to as "Weasel Bill in Idaho") wrote a post in another thread about the loss of his loving son to an asthma attack. In that post, Bill raises an important point that I wish to reiterate here . . . the need for life insurance for your children.

Children aren't supposed to die before their parents. It's not how life is supposed to work. Unfortunately, at least several IAP members are suffering the stark reality and pain of the cruel lessons that life sometimes forces on us. In addition to the relentless emotional pain .... are the economics of the situation. Funeral costs easily range from $10,000 to $20,000.

If you have children .... make certain you have life insurance on them. Policies for children are relatively inexpensive. If you're a grandparent . . . talk with your son or daughter about insuring your grandchildren. You never know what's around the corner ... waiting to happen.
 
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Originally posted by rdunn12

I have it on mine,but only the bare minimum.It is tough to buy life insurance on your kids.At least for me it is.
Click to expand...

It's even tougher to have to bury them, God forbid. Having to bear the unexpected monetary cost makes it even harder.
 
We lost a son at age 27. We had never bought life insurance for him. But, he had coverage from his job and the company he worked for had an additional monetary benefit in the event of an employee death. Without that, the cost of the funeral would have been a real hardship on us. Seeing how much everything cost added tremendously to the stress and grief we were already experiencing. Yes, buy insurance for your children. It will never be cheaper.
 
Tough issue but you are right. many years ago my mother bought life insurance policies for the two children I had at that time. They where meant to be a Christmas gift, just a stocking stuffer sort of thing. As it was the policies came in with some error on them so she returned them to have them corrected thinking no big deal I'll give them to you later. My 3 month old son died of sids 8 days later. although everyone that even casually knew of my family did some little part for his final arrangements, as well a money being the very least of your concerns at a time like that. I will say that insurance would have been a very welcome additional help. There where moments through it all that costs did become a concern, and as you can imagine those are not the issues a grieving parent or grandparent need to have. in our case the cemetery and the funeral home offered there services at no profit. but still the costs where large. I never had to personally pay any bills, thanks to both family and friends. And I can't imagine how painful it would have been to have done so. Insurance for children takes these issues into consideration. It is as much a mental, emotional protection for the parents as it is a way to pay costs.
 
Excellent advice. God forbid, if a parent has to bury a child that's one less burden to bear. God bless each of you and your children. Give them a hug, tell them you love them and buy the policy. I purchased one that was $1 for first 6 months. Now 24 years later, it's only $20/6 months.
 
I lost a son in Nov.2004. He was 17 at the time and the funeral was very expensive. This is a rough thing to think about but is a real fact. My other son is in the service and has insurance through them, but it isn't enough to cover most of the expenses. I took out a policy on him and they cancelled it due to his job. Hopefully, I won't need the extra coverage. Buy the insurance and do what Tommy said.
 
Great reminder. I carry 25000 on each of my children through my company. At first I never thought about it. Then this year when it was time to do insurance again I got to looking at it for some reason. When it was all said an done it costs me around 7 dollars a month for the insurance. I decided you never know what will happen and took it out. Insurance for me is different. I was declined coverage by the companies insurance due to the fact I have had a seizure (1 in 33 years), but they consider that to be life threatening and declined my extra coverage. Talk about ticked off.
 
Johnnie-

If he is in the service he should get the SGLI insurance they offer. It is very reasonable. I get $400,000 for $26 a month. I only get that much since I am married, he could opt for a lower amount for alot less.
 
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