While reading the 'Life and Disability Insurance Are Musts for Both Parents', I was very saddened to see that discourages getting life insurance on kids. When my two oldest brothers were born, my grandparents got insurance policies on them. One of them died in an accident when he was only 12, and having that life insurance enabled my family to give him the proper funeral, burial, and plot he deserved. You might not need to get a $200,000 policy on each kid, but even a small one can help out if, God forbid, something were to happen, and your family finances aren't enough to pay out of pocket.
My mom suggested the same thing. I went with Gerber Life for my 3 kids, and I also love how they will be able to double (and more) the insurance policies when they reach particular ages, if they choose to do so.
I was was upset to see that the author said not to get life insurance on children. Anyone that has had a child die knows how important it is to have something to cover the funeral expenses. The last thing you want to have to worry about at this time is money. I have a term life insurance policy and was able to add a child rider to my policy where I can have 10,000 dollars on every child for only about 2 more dollars a month, no matter how many children. It is not something we like to have to think about but if something heaven forbid does happen to our precious children you do not want to have to worry about money, trust me.
I Have Gerber Life Insurence For Both My Girl And I Have To Say Out Of All The Insurence Companys Out There This One Is Really Good I Would Have To Say If U Dont Have Insurence I Would Suggust That U Get It And If U Dont Have All The Money In The World Gerber Has Real Resonable Plans
Another way to get insurance it if your work offers it. I paid something like 25cents a paycheck for insurance until my last one turned 18.
If you look at life insurance as a strictly financial product, to replace income lost due to a death, then purchasing one for a child isn't the best 'investment.' I have met with many financial advisors who stress that you only purchase life insurance (term only) for a family member who provides money or something that will cost the surviving parent if the other parent dies. A child does not provide income for the family, so essentially, buying an insurance policy is like burning money--you are making someone else rich. You could just put that money in a savings account and use it when you want for what you want.
I was spending $45/month to insure a child! My DH and I realized that was really stupid. We did not need a $60,000 policy for a healthy gradeschooler. We have opted in for the cheap employer-provided policy for about $1.00 a month for all my kids.
The liklihood that a child will die is pretty low. It's much more important to insure the parents.