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Old 05-07-2016, 12:49 AM
 
3,963 posts, read 5,248,587 times
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I agree that no child needs to have life insurance. Children are not bread winners, and don't need their salaries to be replaced. Better to put those premiums into savings so that if emergencies of any sort happen, the parents are prepared. But I probably should not have made this comment, because I don't think this discussion should be on this thread in the first place. OP, I am sorry that you have had a loss in your life. The loss should be the topic, not your belief that everyone should have life insurance. Perhaps you should have put this thread on the "personal finance" topic under "Economics."
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Old 05-07-2016, 02:10 PM
 
Location: Sonoran Desert, AZ
2,840 posts, read 1,163,727 times
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Quote:
Originally Posted by G Grasshopper View Post
I agree that no child needs to have life insurance. Children are not bread winners, and don't need their salaries to be replaced. Better to put those premiums into savings so that if emergencies of any sort happen, the parents are prepared. {snip}


Let me disagree. When my daughter died (unexpectedly) at age 18, senior year of high school, we had a small family policy in place that had a modest benefit for our children. The $$ received were a big help in covering all the funeral/burial expenses. One less thing to stress about during a very stressful time. The additional cost of adding the children to the policy was insignificant.
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Old 05-07-2016, 05:36 PM
 
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I am very sorry for the loss of your daughter.
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Old 05-07-2016, 06:30 PM
 
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What are the three insurance that you consider to be enforced by law?

And what connection does insurance have with being passionate?
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Old 05-07-2016, 08:50 PM
 
Location: Wisconsin
16,481 posts, read 15,913,707 times
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Quote:
Originally Posted by thinkalot View Post
I think you are completely wrong. If no one depends on you for support you do not need life insurance. There are much better investments.

A single person with no children has no need for it.

A married couple with no children may want a term policy in place of mortgage life insurance but they wouldn't need it when they get to the point of the survivor being able to afford the home without them.

Life insurance on children is never needed

You are wrong to be speaking of it to others unless driving them away is your goal.
I disagree. We had small life insurance policies on our children when they were young. A $10,000 policy was very, very inexpensive but if they had died we would have had the money to pay for their funerals. Plus there might have been enough to pay some of the other unexpected expenses such as flying their grandparents to attend the funeral and assist us in the grieving process. When our children were in college and unmarried they certainly did not have any savings to pay for their own funerals. Who was supposed to pay for someone like that?

Now, if we had thousands and thousands of dollars in our savings accounts at the time we probably would have passed on these life insurance policies, but when you are living pay check to paycheck, if the unexpected happens how do you suddenly come up with $8,000 or $9,000 literally overnight?
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Old 05-08-2016, 12:55 PM
 
Location: Arizona
5,577 posts, read 4,782,672 times
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Quote:
Originally Posted by germaine2626 View Post
I disagree. We had small life insurance policies on our children when they were young. A $10,000 policy was very, very inexpensive but if they had died we would have had the money to pay for their funerals. Plus there might have been enough to pay some of the other unexpected expenses such as flying their grandparents to attend the funeral and assist us in the grieving process. When our children were in college and unmarried they certainly did not have any savings to pay for their own funerals. Who was supposed to pay for someone like that?

Now, if we had thousands and thousands of dollars in our savings accounts at the time we probably would have passed on these life insurance policies, but when you are living pay check to paycheck, if the unexpected happens how do you suddenly come up with $8,000 or $9,000 literally overnight?
The parents would pay for the children's funerals. The grandparents would pay their own way to get there. Most people do have thousands and thousands in savings. They are not living paycheck to paycheck by the time the children are college age. You are looking at the exception and not a typical middle class and above family.
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Old 05-08-2016, 05:49 PM
 
Location: Sonoran Desert, AZ
2,840 posts, read 1,163,727 times
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Quote:
Originally Posted by thinkalot View Post
The parents would pay for the children's funerals. The grandparents would pay their own way to get there. Most people do have thousands and thousands in savings. They are not living paycheck to paycheck by the time the children are college age. You are looking at the exception and not a typical middle class and above family.

I think you are wrong about this...

47% say they lack ready cash to pay a surprise $400 bill | PunditFact


The statement was that "life insurance on children is never needed". 47% can't cover a $400 expense. How many could pay for a funeral? I would say that you are looking at the exception.
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Old 05-08-2016, 06:30 PM
 
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Why countries far poorer than USA dont turn burials into racket? I know most people in this thread wouldnt believe me but there were/are places where death is not commodified yet.
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Old 05-08-2016, 07:20 PM
 
3,963 posts, read 5,248,587 times
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Quote:
Originally Posted by motherofanxiety View Post
If you're reading this you've experience death of a loved one in your life. Personally, I've experienced 5 recent deaths in my life recently a couple expected and a few unexpected.
Today I found myself in a debate with friends/family about insurance. Not to upset anyone, just to encourage knowledge behind it.
I find that people in general don't understand the importance.
There are 4 types of insurance. 3 of which are enforced by law. Of course life insurance isn't one of them. WHYISTHAT???
People in general have suspicions about the validity of life insurance more than car/life/home. I find that silly.
We're a society in which the government has control over many things. We complain about it time and time again.
The one thing they don't enforce people to have is the one most people undervalue.
I'm passionate about my family, friends, and my money. I'm not the only one with the same passions.
I want to encourage and speak out about this as much as I can to as many people. I would be wrong not to, right?!
It all depends on your expectations of the funeral, the family's resources, and the family's philosophy about savings, etc. OP, do you see how contentious this has become? You need to respect that people have different opinions. Not wanting life insurance doesn't necessarily mean that people "don't understand the importance." Different families have different needs, and that is not because they are "suspicious about the validity" of the insurance. (There are forms of life insurance and companies that, frankly, are rip-offs. So it is not "silly" to look critically before buying.) There are well informed and thoughtful people who may decide to buy or not to buy life insurance. Respect people enough to leave them to their own decisions. I think you may be a little uninformed your self. "There are 4 types of insurance. 3 of which are enforced by law." What? There are lots more than 4 kinds of insurance, and the only one I know of that is required by law is liability for your car, and that isn't in every state. Personally, I think your "speaking out" would be ill-advised.
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Old 05-09-2016, 12:54 PM
 
Location: Arizona
5,577 posts, read 4,782,672 times
Reputation: 16486
Quote:
Originally Posted by Hoot N Annie View Post
I think you are wrong about this...

47% say they lack ready cash to pay a surprise $400 bill | PunditFact


The statement was that "life insurance on children is never needed". 47% can't cover a $400 expense. How many could pay for a funeral? I would say that you are looking at the exception.
That is an online survey. That 47% is skewed by the average age of people that do online surveys. I really don't know anyone of means that would do them so that would leave mostly lower income people in the group.

I am sure that over 47% of the people in America have a credit card and are more than $400 under their limit.
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