Do you have life insurance on your kids?

[TheFlare15]

Other--not the Gerber plans or anything. My work offers a rider for kids--$1/month=5K coverage; $2/month=10K coverage; the monthly amt is the same whether you have 1 kid or 10.

DH & I have term policies not linked to our employers. In my case, I also get 2x my salary for free, except paying a small tax on the value > 50K.

[TheFlare15]

Other--not the Gerber plans or anything. My work offers a rider for kids--$1/month=5K coverage; $2/month=10K coverage; the monthly amt is the same whether you have 1 kid or 10.

DH & I have term policies not linked to our employers. In my case, I also get 2x my salary for free, except paying a small tax on the value > 50K.

[Lasilas]

I will be getting one for my son as soon as I get my act together (tons of job changes right now for DH and I). I am not getting a life insurance policy just in case I have to bury him. I'm getting one as an investment in his future. DH and I both have fairly recently purchased term life policies because we couldn't afford whole life. Buying a whole life policy for a baby will be so cheap we can get him one. When he's older and has a family of his own he won't have to worry about what will happen to his family if anything happens to him. He won't have to worry about trying to afford life insurance. He'll already have it. It will be paid for and a decent policy.

We've also already started his college fund. The second I got his social security card in the mail I set it up and we've contributed to it every month. Our family and even his godmother have also contributed to it.

I wish someone would have done these things for me so I'm all over it for my little guy. But I only have one so I'm sure it's much easier to do.

[myfrugalfunlife]

Originally Posted by photomikey Insurance is generally a poor performer when compared to that same amount of money invested elsewhere. No insurance on the kiddos.

wow-I'm actually agreeing with you on something
We do not have policies on the kids because we don't see the point. If something did happen we would use savings etc to cover burial costs.
My dh and I both have term policies because besides burial costs, the death of one of us would make our finances rocky-which would not happen in the case of one of our children.
If my dh dies I lose my only income source AND our health insurance benefits. He has enough life insurance on him that I could totally pay off our debt and continue to be a sahm while my kids are young.
If I die I have a big enough policy to cover funeral costs, totally pay off our debt, and give my dh a cushion to pay for daycare costs.
We pay around $25 a month for both our policies.

[jlcohen]

Yes, we have 2 small term policies (10k each) on each child. It's to cover the cost of funeral expenses.

[tallanvor]

I voted other because while we do not have life insurance on them, because we are military, funeral costs are covered up to a certain amount.

[cereal527]

yes, we have a small policy on each child through dh's employer. It is enough to cover expenses should something happen to them, and is super cheap. When we have more expendable income, I'd like to invest in a better policy for them that can be transferred over when they get older. I can't remember exactly what it's called, but our insurance guy told us about it at our last meeting, and it's a good program since it's more like an investment than just life insurance.

[skcsarah]

.

[Janine]

I will be getting it at this upcoming open enrollment. It is extremely inexpensive for us. $0.90 a month. Even if I keep it for 18 years, it will cost me less than $200 for the whole 18 years. I hope to never need to use it, but it would be helpful to cover expenses.

[luvsviola]

We have a little on DD. Funerals can cost $10,000+, which we simply don't have hanging around. So we have $20,000 on her as a rider on our USAA policy.