I am a single mother who's also a working professional. Can you tell me who makes the best child life insurance? I was about to go for Gerber's life insurance for children but then started to think I'd better get a word of mouth referral before I pull the trigger.
Thoughts on Gerber or others? Thank you very much for providing this resource. Its tough to find unbiased answers.
submitted by Maura in Marin County, California
Photo of my little one :)
submitted by Maura in Marin County, California
@ July 01, 2008 - 10:38 AM
I bought Gerber life insurance for my daughter when she was around three. She was born in 1984 and is turning 25 this month. I have never been sorry that I bought the Gerber policy. If anything should happen to her, I know I would be completely nonfunctional for a long time. This is one bill that I never mind paying -- $95.oo --once a year.
submitted by Linda in Saginaw MI
@ September 22, 2009 - 08:38 AM
Most child life insurance policies are very similar and priced the same. You may also want to check out Globe's Child Life Insurance policy. Be sure to compare not only the price but also the rating of the life insurance company.
submitted by Byron Udell in Chicago, IL
@ July 02, 2008 - 01:02 PM
I personally think that Gerber's Life Insurance is a little pricy for the benefits they provide. I think the best way to go about it is to contact a financial advisor for consultation. I have not done that yet (I'm 30 weeks pregnant), but plan on doing it very soon. Good luck.
submitted by Manika in Cleveland, OH
@ July 10, 2008 - 04:10 PM
As heartbreaking as it is for a child to die, life insurance on a child is a waste of money imo. The money is not going to bring them back and from a pure financial point of view, your expenses will be less than before.
You're better off saving that money for a rainy day fund and if the unspeakable should happen, you can draw from that to cover funeral expenses.
submitted by anonymous in Victoria, BC
@ July 27, 2008 - 01:40 AM
Child life insurance is not important? When your emotional life falls apart, and your spouse looses his/her job from poor job performance, and quits life because they can't cope and breaks down, it'll be nice to have some back up cash to fall back on for the rough time, including therapy expenses. Don't believe its so easy loosing a child. Life is fragile. Insurance on children will make the tough time just a little easier for you.
submitted by Sam in new york, new york
@ June 07, 2009 - 03:11 PM
You're an idiot.
How many people do you think really save money long term?
Did you know that most savings accounts become put and take accounts? That's because people put money in then take it out! The world is full of good intentions on what people are going to do.
An average funeral for a child cost about the same as it does for an adult. You are not looking at this as an adult/parent should. You are guaranteeing the child a small life policy at a very low guaranteed rate that will never change should they live to be an adult....which they probably will.
But should they die as a child, you have only paid out a few hundred dollars for the policy, and their funeral and some of the medical bills are covered. How long do you think it will take you to save $7 to $10,000. for a funeral?
Your problem is that you failed simple math when you were in school.
Life insurance on a child has nothing to do with you, as a parent, making money. It's about planning for the future, no matter what it holds. And wouldn't your child, once they become an adult, think you were pretty smart buying them a small life insurance policy as a child that they could take over paying when they become an adult at the same price you were paying, when you decide they are old enough to take over the payments.
Take a look at what a $10,000. life policy cost for a child 10 years old versus a forty year old adult with possible health problems. Life insurance standard rates are not guranteed to everyone. Most children are in good enough health to qualify for a small policy. Many Adults are not healthy enough to get standard or better premium rates.
The price of one happy Meal from McDonald's would cover the monthly premium for a life insurance policy on your child.
Think about the above next time you see a collection can on the cashier's counter at the local convenience store with a child's picture taped on it asking for donations to help cover medical and last expenses for someone who, similiar to you, felt like it was a sick thing or a waste of money to have life insurance on a child.
The older I get, the less tolerant I am on the lack of common sense the younger generation has.
Don't post your opinion on any subject unless you want a reply.
Chuck / Texas
submitted by chuck in texas
@ August 07, 2009 - 05:57 PM
You are Extremely Misinformed and I am being Nice about my Comment.... ordinarily I would not even waste time in reply. I had a strong urge that you simply needed to know your view is absolutely incorrect.
Tom
submitted by Tom De Los Santos in Corpus Christi, Texas
@ October 19, 2009 - 03:15 PM
Life Insurance for a child is not a waste, because if the unthinkable does happen, you will have the money to cover the burial, and if you are a hard working American like I am, you will also need a little extra to cover the time off of work for planning the funeral and a little alone time to morn. It is worth it to spend 500 or 600 hundred dollars to cover 5,000 or 10,000 thousand dollars. Also, most Insurance Companies give you the option of cashing out any premiums you have paid over the years, which is more than I can say for car insurance or home owners insurance. Not to mention that due to inflation, the average cost of a funeral now being 5,000 is steady increasing.
submitted by Millicent in Houston, TX
@ July 29, 2008 - 02:22 PM
It is more important to have insurance on yourself as a parent; you can get a rider added on to your policy to cover life insurance for your child to cover their death expenses. Check to make sure that the rider can be converted to a policy for the child only when they become an adult, in the event they have medical problems and might not qualify for insurance on their own at that time.
submitted by Ruth in San Francisco, CA
@ August 01, 2008 - 06:47 PM
I'M A SINGLE MOTHER OF TWO VERY YOUNG CHILDREN, AND I'M TRYING TO FIND THE BEST AFFORDABLE AND RELIABLE TERM LIFE INSURANCE FOR MY FAMILY. I'M LOOKING FOR SOMETHING THAT WOULD COVER ALL OF US FROM THIS POINT ON. I'M ALSO TRYING TO FIND THE SAME KIND OF SERVICES FOR CAR INSURANCE. I DON'T KNOW IF ITS BETTER TO GO WITH A BIG NAME COMPANY OR A SMALL TIME COMPANY? SHOULD I GET SEPERATE COVERAGE FOR ALL OF US, OR SHOULD I GET GROUP INSURANCE? WHERE CAN I GET HELP WITH QUESTIONS & CONERNS, I'S SO CONFUSED BETWEEN TERM, WHOLE, AND OTHER THINGS I'VE BEEN HEARING ABOUT. CAN ANYONE HELP ME OUT?
submitted by ANIYAH in BALTIMORE,MD
@ August 02, 2008 - 08:37 AM
Evening ANIYAH, I was in the insurnace buiness years ago, but I don't imagine the basics have changed racically. There are really only two types of Insurance: Term or Whole Life. Many insurance polices are a combination of the two. You rent term insurance and it's cheapest, pays the beneficiary when insured dies. Whole Life is more expensive because you have 3 non-forfiture values which return a portion of premiums you paid: Borrow or cash-out the accumulated cash value; Paid-up insurance amount less than original face value, and Extended period of insurance coverage. If you just stop paying the premiums and fail to request the cash value or an amount of paid-up life insurance, the insurance company automatically uses the accrued cash value to pay the premiums until there is none left. There are also options such as the length of time you pay premiums. You can opt for excelerated premium amounts that permit you to pay for endowments for your children in 20-years. Or buy a 20-year pay Life Policy. One reason is the burden of payments are easier during the payee's peak earning years. I could go on and on, but I hope this gives you some idea how the insurance industry works. I would caution you regarding Endowment Policies on your children. They are pricey and logically the bulk of your insurance dollar should be used insuring the head(s)of the family. The children need guarnteed food, clothing and shelter more than some cash in the future. All things being equal, the same amount of premium dollars spent to insure the parent(s) will provide some good cash value if needed when the chidlren begin college. Check with the "Big Boys" for info: Met Life, NY Life, Prudential and etc; tell them you are looking for info AND the best price for the insurance you buy. Compare, Compare!
Jim
submitted by Jim in Coffeeville, MS
@ November 09, 2008 - 02:36 AM
I am an agent still in "the Business". Yes, the loss of a child can be devastating and as mentioned, unthinkable.
As Jim mentions above there are two types of Life Insurance. Term and Whole Life (often called Permanent. As Jim states Term Insurance is like renting insurance, at the end of the designated time, if you haven't passed, all you are left with, is a pile of receipts.
Whole life on the other hand, is what it says, for all your life.The neat thing about whole life is that the monies you pay into the policy as premiums, build cash value. As the cash value builds, the death benefit builds with it(Mutual Companies, not stock companies). Yet, Life Insurance isn't just about death anymore. It's also about living! Whole Life Insurance can be used to fund your childs education, first car, down payment on a home or retirement,plus as a death benefit.
Does that sound great or what? That's not all.....The loans you can take from the policy and the death benefit are generally TAX FREE!
Stock Insurance companies have the obligation to their stockholders and more than often invest in riskier investments in the market. Mutual Insurance Companies have only one person to satisfy and that is their policyowners, they place practically every dollar into sound proven investments, such as Treasury bonds.
Contact a reputable insurance company, with very strong Ratings and history such as New York Life.
submitted by Steve Sutor in Bradenton, Florida
@ November 21, 2008 - 09:51 AM
I used to be in "the business", here is some non-bias information. The phrase, "buying term is like renting insurance" is a sales pitch used by whole life salesman. Even though term insurance works similar to renting, it allows you to have an adequate amount of insurance at an affordable price. Figure out the amount of death benefit needed; home mortgage, income replacement, children education, etc. Ask your life insurance agent to figure out the premium of a whole life policy based on the needed death benefit. Also, have him figure out a term insurance premium for the same amount (don't price shop term, buy the waiver of premium, additional premium benefit, and make sure it is convertible for ten years). Subtract the term insurance premium from the whole life premium, take the difference and apply it to your or 401k or Roth IRA. If those are maxed out, buy the permanent whole life policy, if they are not maxed out apply the difference to them. If you are going to buy permanent insurance, be very selective on the company. In my opinion there are only 3 reputable permanent life insurance companies: Northwestern Mutual (best), Mass Mutual and NY Life. As mentioned above, stay as far away from a stock company as you can, mutual companies are where you want your money long term.
submitted by Jake in Billings, MT
@ December 29, 2008 - 04:42 PM
Probably because he was suggesting that his clients buy term and invest the difference. So the question I have is, how has "investing the difference" in a 401k or stock/mutual fund portfolio worked out for people over the past year?
On the other hand, how has contributing money into a permanent life insurance policy worked out? Well, I obviously can't speak for anyone but myself, but for me it's worked out great. It's the only asset I own that has grown in value EVERY YEAR for the past 10+ years and I'm confident it will be there when I need it.
I wouldn't start investing in the stock market or mutual funds until AFTER my whole life insurance capacity is maxed out. THEN - and only then - would I think of "investing" my precious hard-earned money into the market.
submitted by JB in Denver
@ April 27, 2009 - 11:57 AM
The experience I went through with my husband was my deciding factor on getting life insurance for my son. My Husband was diagnosed with a heart condition shortly after birth at the age of 18 he had to have a heart valve replacement. Right around that time his father was diagnosed with polycystic kidney disease at which point my husband was tested and diagnosed with the disease also. One major disease would make it difficult enough to get life insurance but two makes it impossible. Purchasing a policy for my son shortly after birth guarantees he will have the policy right through to adulthood. I did not want my son going through what we went through. Purchasing a life insurance policy on a child is not morbid it is quite possibly one of the best things you could do for your child. It is best to shop around but what I found with Gerber - the policy doubles when the child turns 21 and the premiums never increase.
submitted by Jessica in Memphis, NY
@ January 21, 2009 - 08:03 PM
FYI-My dad got me one of these whole life policies(with Mass Mut.) when I was 5-1963 (now I'm 46) and is worth (cash value now) +$15,000ish with a premium of $110 a year for 42 years= a $5040 premium investment if I cash out at 70 it's $260,000. I tried to upgrade it 4-5 years ago, it was around $190 bucks a month!!!-ridiculous so I didn't upgrade.The payoff(and add on additional coverage) does increase $$$exponetionally$$$ as you age. So buy all you can afford from the get go. I have had health probs as an adult which prevents me from getting any reasonably priced life ins. via other outlets. I have a policy from United of Omaha on my now 14Year old daughter which is upgradable at25-30-33-36-39years of age "if she can afford it"!! If she has a family by then and health probs at least she'll have realativly cheap life ins outlet and she can add on regaurdless of her health situation.
Whole life isn't the best investment overall but it's easy and works, specially if you have health issues later in life.
submitted by Biff in Lakeland,FL
@ January 30, 2009 - 01:12 AM
No one has mentioned single premium life insurance. My father got his grandchildren in the 80's $5000 of paid up life insurance. It cost him around $250. They are now grown (21 snd 25) and have a policy that they'll always have and no one had to make payments on it. It's not going to support their family if something happens to them but at least it's something. I'm about to do the same for my grandchild. I can get $5000 for around $300 and $10,000 for around $600. Dad dealt with the Greek Credit Union since the 1950's and that's where I'll be getting mine from. He also enrolled us in Annuity programs through them.
As far as insurance as adults..I have other life insurance but I liked using term insurance to make sure I had enough to cover my mortgage if something happened to me (instead of more expensive Mortgage Insurance)
submitted by Teresa in Harrisburg, PA
@ February 11, 2009 - 02:52 PM
First of all, I am still in the business and do not have any children yet, but with that said...one of the first things I will do for my child is get them a policy...that is a whole life policy. I hope I will be able to make it happen, but I want the best for my child, and if I can I want to put 10k a year for 10 years into a policy for them.
That will cover education expenses, a down payment for a home, and...at retirement age, they will have $5M cash value to play with.
Please understand that life insurance is the most flexible vehicle to financial stability known to man. It's not always about death...it really is about life. Life insurances gives you the ability to offer support for your family, and if done right, will make it so they don't ever have to change their lifestyle.
submitted by Brian Todd in San Ramon, CA
@ June 07, 2009 - 12:58 AM
Permanent insurance is a very good idea to place on your children. If they are very young, I would recommned an equity indexed life policy, or a fixed interest universal life.
Why is it good? It accomplishes two things....if your child did pass away, it will allow a comfortable grieving period without any financial burden. Secondly, when your child gets to a certain age, you can either hand them the policy with a low premium and cash value, or just keep paying on the policy for them. This allows a parent to show the importance of life insurance to their children by letting them know that they have kept a policy in force for a long period of time.
JMHO.
David J Horsey Jr, CLTC
Clearview Insurance & Financial
submitted by David Horsey in Springfield, MO
@ February 12, 2009 - 02:46 PM
Whole life insurance on a child is only a good investment if you are an insurance salesman who gets commissions from the sale. Here's why. Let's say you take out a 10,000 policy. Your premiums are likely to be around $400 a year. So after 18 years, you've paid $7,200 in premiums alone. "But you earn cash value, with interest," the life insurance salesperson will tell you. True enough ... at rates historically far below other types of investments, even considering the recent poor performance of the stock market. "And you can borrow out your cash value," the same insurance salesperson will say. Yes, you can borrow it -- and they'll charge you 8% or more a year to borrow your own money -- and when you do, it reduces the amount of your coverage. Which you can only get if your child dies. You are far better off sticking that $400 a year in pretty much any other type of savings vehicle. Even an insured money market fund is going to cost you less than a whole life insurance policy. "But it ensures that your child can get life insurance no matter what, even if he's denied it as an adult," the insurance salesperson will also say. Odds of that happening are statistically extremely slim. It's a sales pitch. As for endowment funds, the premiums are usually extremely high. Again, you're better off taking the amount of the premium and putting it into an insured money market fund, savings bond, or a mutual fund. Current year notwithstanding, the stock market has still significantly outperformed every other savings vehicle over time, and time is on your side if you're using a life insurance policy to fund a college education. The purpose of life insurance is to protect someone who will be adversely affected financially by your death. If you're worried about funeral expenses or missed time at work ... just put $30 a month into a savings fund. It'll cost you less than life insurance premiums, you'll earn a higher interest rate in pretty much anything, and you'll be able to get to your money without being charged 8% to borrow it.
submitted by Sally in Prairie Village, KS
@ February 19, 2009 - 06:44 PM
You don't know what you are saying! Check your facts first...secondly check how much your interest rates are in a money market fund are right now! Good Luck on getting 2%/year interest...on that $400 that's $8.
Right now...@ $400/year I can guarantee for a 2 year old male $78,300 death benefit and at age 20 a cash value of $4849...but with mid assumptions $5100, plus a death benefit above $83k.
Oh yeah...those are tax free dollars as well.
submitted by Brian Todd in San Ramon, CA
@ June 07, 2009 - 01:12 AM
I too believed that life insurance on a child was morbid until I started working at an agency company and now have realized that it is the best thing you can do for your child. No one wants to believe their child will die, but you look at this policy as something they can use and carry into adulthood and leave behind for their children and never have to worry about increasing rates and as others have mentioned, you never know what may happen medical wise to your child and if you lock in a low rate now, regardless of what their future holds they will have coverage for a lifetime. What's fabulous about Gerber is that regardless of health, occupation, hobbies, etc, once their rate is locked in, they are guaranteed coverage and extended options of purchasing more, regardless of health issues that other companies may not even cover. It builds cash value so children can borrow the money for a need that may arise.
Insurance on children is not just about their death, it's about the fact that you, as a parent may want to take time off work to mourn and now you have no income coming in, we know in this society, we are only given the standard 5 days at most companies, what happens if you're not ready to go back to work, how will you pay the bills, how will you makes ends meet? That money can be peace of mind that no matter what may happen, your family is covered. True money in savings will gain interest, but will it really be enough to cover burial expenses and everyday living expenses? and no, this money won't replace your child, but you can rest assured knowing that your child was given a proper burial without having to have a fundraiser or something else just to bury your child.
submitted by Jennifer in Muskegon,MI
@ March 18, 2009 - 08:47 PM
Life insurance is about the death benefit and it is for those in the generations that follow. Life insurance is not about the cash value as that is about you. Investments and life insurance are different financial tools however if you wish to compare the two a proper comparison is by using the death benefit compared to the investment value and remember to use the after income tax value. The truly wealthy have substantial trusted life insurance to replace the principal used during there life time thus providing for future generations on a tax favored basis. Gerber is a great starter plan but look at substantial amounts purchased by a trust funded through gifting. Your greatgrandchildren will appreciate you as they will be the wealthy class in their day. It's about tomorrow not today.
submitted by Joe in Wilmington, DE
@ April 02, 2009 - 12:14 PM
We got out son an inexpensive $10,000 WL policy that is paid up in 20 years. My husband and I own the policy so he can't cash it out unless we signed it over to him. Granted, it won't make much money, but it will be there the rest of his life.
submitted by Atara in Louisiana
@ April 25, 2009 - 04:02 AM
The only people who would advise you to buy life insurance for a child is an insurance salesperson who benefits from the commissions.
You are better off buying life insurance for yourself because in all likelihood, you will die first and thus give the benefits to your heirs, ie, your children. Or invest the money somehow for their benefit.
submitted by Life Insurance in Seattle, WA
@ May 18, 2009 - 04:24 AM
I, unfortunately, outlived my child. He had life insurance. It didn't bring him back, but it did not add more sorrow.
submitted by teresa in oklahoma
@ October 25, 2009 - 05:02 PM
"life insurance" should be purchased to replaced an income in the event of a tragedy. Unless your child is Dakota Fanning and you rely on their income, life insurance for kids is a play on your emotional wellbeing. Life is full of "what ifs" save and invest your money for your future.
submitted by jason in nebraska
@ May 20, 2009 - 11:01 AM
I was in the life insurance business 5 years ago until I moved into the property and casualty side of things. At the time, my son was born.
Four years later he was diagnosed with autism. Although I can get a guarateed policy from certain companies, the premiums I pay now are substantially less since I bought it immediately after his birth.
A comment above says uninsurability is "extremely rare." Well, lets think about that. 1 in 150 kids will be diagnosed with autism. 1 out 3 adults are obeses (very high premiums). Let's not forget about high bp, cholesterol, etc. When I was producing, about 1 in 5 applicants received a preferred rate, 1-2 standard rates and the rest were rated up or declined.
Buy the insurance on your children...if you do and if something were to pop up, you will either feel great about how you protected your family or like a slacker who didn't think like an adult.
As for term vs. whole life. I like to recommend the bulk of life insurance in term (unless other savings vehicles were maxed out) and also purchasing a smaller permanent policy for your retirement years. Why retirement years? Can anyone guarantee they will be retired at age 65? And have no debt (credit cards, vacation homes, etc.)? And a permanent policy is an easy way to leave money to your heirs while allowing you to spend your savings in retirement like you planned.
submitted by BB in Florida
@ June 24, 2009 - 12:50 PM
Hi. I have a 7 r old and an 11 month old. I got the Gerber plan for 10k for my oldest when she was around 2 or 3. I recently got 10k for my baby boy too. However, I guess I was misinformed. I thought, the 10k would go to my kids if something happened to ME. My husband just explained to me that the money is paid to US if something happens to THEM (God forbidd!). Then, he continued to explain to me how we can get them life insurance in other companies and it's better priced. So basically, he's saying that Gerber is expensive for what it is.
Yes, at 18 the amount doubles to 20k at the same price, and at 25 I think they have the option to add coverage. But he said that that costs extra.
Is that true? Does anyone know about the Gerber life insurance enough to explain it to me without fancy wording? And what about the borrowing money thing? Will they charge me that 8% ppl were talking about if I need to take some money out? Do they charge me if I decide to cancel the account and cash in?
Thanks for the info...
submitted by Mom of 2 in Gilbert, AZ
@ August 28, 2009 - 01:38 AM
Years ago I purchased children's Term life policies from National Benefit Life and Guarantee Trust Life. The cost was $25 per year for $10,000 coverage.
submitted by Rich in Naperville, IL
@ October 07, 2009 - 08:46 PM
Northwestern Mutual's Whole life Child Policy is the best, It grows long term at 6.5% and you are able to purchase more down the road without having to go through underwritting. Children get older and there life will change as in kids, home, new job exc, you will want more life insurance.
All of these other companies dont compare to Northwestern, they are the only AAA rated company with a stable outlook.
submitted by 2032215251 in Connecticut
@ October 08, 2009 - 01:02 PM
My daughter passed away on Monday, December 21, 2009 of an unforseen illness, she was 14 years old. She went to the ER on Sunday night, midnight and passed away at approximately 10 am on Monday. Theres has been an autopsy, Kaiser was unable to determine her cause of death. They did rule out flu and H1N1.
I am a teacher and make a reasonable income, however, I feel blessed that I had a $10,000 child rider on my life insurance to assist with expenses. I am a single parent with limited savings. I still have college debt and raising a child that went to Catholic School, played sports and had music lessons was a financial juggle. Not to mention the mortgage.
The overall expenses for her funeral service, cemetary and burial service was more than $12,000. This is even after the Oakland Diocese of the Catholic Church granted my daughter approximately $3500 in fee reductions to services as a gift. I also chose a double plot and that increased the fee by $8,000. It is very expensive in CA to provide for a proper burial.
If I did not have the policy the Mortuary would not have moved her from the Coroner. The policy was accepted in "Good Faith" and I was given additional time to gather my funds to complete the arrangements. My daughter's buriel would have been postponed till after the first of the year. She was buried last Wednesday.
Now I am faced with the fact that I can't work at this time. Mentally I am not in a place to care for other children. Remember, I am a teacher. I am taking time off and now there are my own medical costs and other additional expenses that have arisen.
Please get insurance for yourself and all loved ones. Those insurance papers were like a mountain of gold that moved my baby from Santa Clara Coroners to Holy Angels Chapel.
submitted by Kristen in Pleasanton, CA
@ January 05, 2010 - 07:56 AM
Kristen,
I've just read your reply twice and I'm so sorry you've lost your daughter. You'll be in my prayers.
Ron
submitted by Ronald Belham in Philly
@ January 05, 2010 - 09:21 AM
I'm an agent and I can tell you term is the better way to go. Cheaper premium, better coverage, and now you can lock in 35 yrs with some companies. The whole life agents will tell you not to trust the market, then turn around and invest your money in it. They keep anywhere from 6-8% long term and give you your 3-5% return. Why not do what they do, invest your money, and in 10, 20, 30 years have a lot more "cash value" then a whole life policy. Most people I come into contact with whole life policies are very underinsured and would be in a bad situation if something happened to their spouse.
I thought an agents job was to make sure the family is properly protected, but when you make so much commission off of whole life policies, why bother. Insurance should not be a savings or investment vehicle, it is to transfer risk for what should be a limited time.
submitted by Joshua in Louisiana
@ January 22, 2010 - 02:10 PM
joshua any good companies in mind for term life for a 7 year old i have gerber whole life but looking into term for like 20-30 years at which time she may choose to take the cash value or what was paid into to invest in her education etc... because in term you can cash out at that time am i correct
submitted by turner in ohio
@ February 16, 2010 - 10:30 AM
this is turner in ohio for joshua please reply directly or by this site also im looking for the same for my 19year old son whats the best bet for ins in his case thanks
submitted by turner in ohio
@ February 16, 2010 - 10:33 AM
ok here is what i would like to do i have a 7 year old daughter and im looking for a way to invest so much a month or when i can that will build good intret when shes say 30 or so and would like to use that money for education house family etc she can cash out withpout being charged so i guess its some kind of saving/investment for the future thats going to building good intest over the years im looking for something like that for my 19 year old also so 10 years or so from now he will have what i put aside ans the intrest it would have built talking to these companies with the big words is starting to be quite confusing and mire of a sells pitch for them opposed to which company or which direction to go in thanks much
submitted by turner in ohio
@ February 16, 2010 - 10:55 AM
All life insurance is based on 3 things: age, gender, smoking status and rated up due to health and habits. Get your children insured with whole life insurance that you get locked in at this rate for rest of their life. The younger the person, the cheaper the monthly rate and a bigger bang you get, dollar for dollar. The maximum whole life limit is normally 50,000 on children. (ex. 7 yr old Female 50,000 whole life with a GIO (6x25,000) is under $19 month or 25,000 whole life & gio / $11 month). Make sure that you inquire about and definitely add a GIO or Guaranteed Insurable Option. Which means at certain stages in their life, the child can add a predetermined amount of whole life insurance on themselves, guaranteed, without proving insurability because the child qualified for the additional coverage at, i.e. age 7, when young and healthy. Do your children and grandchildren right and get them permanent insurance and the option of additional guaranteed coverage later in life.
submitted by Brian in mn
@ February 28, 2010 - 12:17 AM
