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If he died tomorrow, how much money would it take to set right the things that money can fix? That is the amount of life insurance that is appropriate.
When, in the future, that number changes, such as he has a family dependent on his income, or a business that would dissolve without his hands-on management, than reconsider life insurance according to how much money would be needed to fix things after his death.
The fact that you paid for life insurance for majority of your son's childhood means the insurance agent has already ripped you off. Life insurance is mainly to replace income if anyone was depending on it. No one will be depending on your son's income until he starts a family, so don't feel pressured by "moral obligations" by this hack.
I don't understand why parents buy insurance for their kids? What is your reasoning behind this?
I can see parents buy life insurance on themselves because their small children are depending on their income to survive, at least until they graduate college, not the other way around.
I also know my cousin (35 year old) buys life insurance on his parents for like a $1 million dollars policy, his reasoning behind that is when their parents dies, he can get rich. It makes no sense to me, but who am I to judge, besides, he is paying for all the premium. It's just investing in his parents death.
Personally, I would not want anyone to put any policy on my death, don't want my death to be a commodity, when I died, I want all my children to really be sadden, and not thinking that they just hit the lotto.
We have all of those...and the $8/month we pay that will allow our kids to have over $2,000,000 in coverage down the road is worth not stopping at Starbucks a few times/month They have $50,000 in coverage now with the option to add more that could end up in the $2,000,000 range at age 40. Yes, I realize that when they are 40 that isn't as much as it is now, but it's still better than nothing....and "gasp" it's WHOLE LIFE insurance.....
I don't think a whole life insurance can be this cheap ($2 million) only $8 per month??
You do know whole life is pay up to 98+ years old right?
Also are you trying to get rich from your kids death?
The fact that you paid for life insurance for majority of your son's childhood means the insurance agent has already ripped you off. Life insurance is mainly to replace income if anyone was depending on it. No one will be depending on your son's income until he starts a family, so don't feel pressured by "moral obligations" by this hack.
Yep, that is exactly why you by life insurance on your children, to replace their future income should they become unable to get life insurance down the road because of an illness, medical condition they or YOU have.
we can insure for everything in life . the question is where do you draw the line.
personally i feel gambling with the fact you may not be insurable later on in life when you are now a child is a risk most of us will not want to waste money on covering unless we have reason and or we have free cash to do so. .
with most families they end up having to decide what insurance to take and what carrys risks so small they will not take it as they can not afford all this insurance..
my opinion is folks are better served with disability insurance , better liability insurance , flood insurance and better health coverage before they consider life insurance on a child .
other than speculating on not being insurable later on the child has nothing to insure against other than burial costs.. for education 529 plans are much more effective if the money is to be used for education later on.
if you are doing it for potential health reasons you will need to buy at least a million bucks of insurance to make it worth doing at all in my opinion.
to bad the average policy a child has is only 5k.
the odds of a child being uninsurable later on is microscopic according to industry statistics.
Unless it is yours. There is such a thing as childhood ailments.
We have a 22 year old son who is a senior engineering student in college. We have had him on a life insurance policy as a rider since he was a baby. Recentley the agent has been calling us and bugging us about buying him a conversion policy,as his coverage on our policy will be ending in December. I told the agent that he will be graduating in April and is an adult and that is his decision to make. The agent came right out and told me that I am under a moral obligation as a parent to buy him the conversion policy, at which point I got a little hot, and told him that I also realize that it is how job to sell policies, and that I could not believe that he told me I am under moral obligation as a parent to buy conversion insurance for my ADULT child, needless to say he was not happy with my response and the call ended. My son is healthy and thier will only be a mater of about four months until he graduates and should be able to purchase a policy on his own. The agent wanted to sell us a policy for $27 per month for 15k worth of coverage. Any thoughts?
a moral obligation for you to buy a life insurance policy for your child? why would that be? i can understand a moral obligation for you to have health insurance for a dependent child (not that it would be ok for the salesman to tell you that).
a salesman telling me i have a moral obligation to do something is one of those things that would immediately cause me to verbally attack the salesperson.
Thanks for all the replies. Yes, he will hopefully have an engineering job come spring, but with this economy, who knows? I guess we always thought in terms of life insurance on a child in terms of funeral expenses if God forbid, something should happen. Like I told the agent, seeing that he is a healthy 22 year old, I feel it is his choice what he does once he makes his own money. It will only be four month from the disconnection of one policy until he should be able to pick out his own. This agent that talked this way was with Baltimore Life, and I do get a little hot under he collar when I feel anybody is trying to pressure me into anything, but to give me the I am a bad parent rap because I should I should feel morally obligated? Our son has been a joy to raise, and we are very proud of him, we have helped him out throughout the last four years, one and a half of my paychecks go for parent loans to help him through, but as I write this my blood still boils at the attitude of the agent
and $27 does sound a little on the high side for $15k worth of coverage. Thanks for listening to me vent.
What you are really upset about is that this person, who doesn't know anything about you are what you've done for your son, has said something mean and inappropriate. I don't think it's about the insurance at all. If something happened to your kid, you'd do anything and everything in a heartbeat. Having or not having an insurance policy doesn't affect that in the least. The guy was a complete loser and trying to play on your emotions to get a sale. If anyone should point a finger over morality, it should be pointed at him.
We bought it in case something would, God forbid, happen,to pay for funeral and burial expenses. These things are expensive.
Okay, that's understandable.
You should shop around, you can get a 50k insurance policy for much much cheaper than $27/month.
I got a $300k 25 year policy and paying $22 per month, and I am 35 years old.
This sales guy is trying to rip you off.
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They have $50,000 in coverage now with the option to add more that could end up in the $2,000,000 range at age 40. Yes, I realize that when they are 40 that isn't as much as it is now, but it's still better than nothing....and "gasp" it's WHOLE LIFE insurance.....
