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I have life insurance on all three of my children. It is offered through my husband's work. The amount is small (10K) I think. We decided to get it to cover any funeral expenses if, God forbid, something happened to them.
I have the same thing through work for the same reason. I certainly hope I never need it.
I have life insurance on all three of my children. It is offered through my husband's work. The amount is small (10K) I think. We decided to get it to cover any funeral expenses if, God forbid, something happened to them.
Why would you need life insurance for your children? The purpose of life insurance is to provide for your spouse and/or children for a short period of time due to the loss of your income. This is anywhere from 2-5 years. Since your kids aren't likely providers for the family, there is no reason to cover them with life insurance.
The benefit of qualifying for a $50K policy later in life is also a crock. Chances are that they'd qualify anyway and would likely need more than 50K in coverage.
@akck, funerals average 5k to a basic adult 12k, caskets 2k, cremations 500 to 2k and so on and so on, who is responsible for paying for your loved ones in the tragic event this should happen, is the system, your co-workers, neighbors or friends; you are responsible!
Heaven forbid your children should out live you, however it is better to be ready and not in a bind borrowing money from relatives and friends or hustling (car washes, door to door, etc..)
I'm 26, my brother is 24, and my parents still hold policies worth 20K each on us. Unfortunately, they were not policies that could be rolled over to us.
When I got my first job out of college, my employer offered 2x yearly salary as a free benefit and I added an additional 15K for about $1 a month. That brought me up to the max I could get before the cost got a bit higher and I'd need to be cleared by a physician. I decided to wait a few months until I had more of a savings buffer before I bought more insurance. After all, I was 22 and healthy, right?
4 months later, I was diagnosed with Stage IV cancer. Because of long term side effects, I may never be able to buy life insurance on my own (though typically one can buy insurance after 5 years in remission depending on the type of cancer). My parents have enough to bury me from across the country. My life insurance beneficiary is my brother, who would likely be the one who would need to clean out my apartment, take my cat, and take time off of work because he's the only one who lives remotely near me (and still 3 hours away).
It's terrifying to me that I might never get more than $100K of life insurance on my own (which is the max my insurer will cover me for without a physician's sign off). It's even more terrifying that had I been diagnosed a few months earlier, I would ONLY have had that 20K my parents have - and likely, that would have all gone to medical debt before a penny made it to my funeral.
A lot can happen in life. I had absolutely no family history of cancer.
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Do you have life insurance for your children?
