Do you have life insurance on your kids?

[altuttle]

Yes we carry life insurance on the kids through Dh's job. My parents also opened a Gerber life insurance on each of my kids as well.

[Angel89411]

Yes. It is included with DH's policy at work. Like $5k. I would get it on the personal policy if it wasn't on the work one. Just so, as pp said, if the unthinkable happens I won't have to deal with the financial strain of laying my baby to rest on top of the emotional.

[GinnyBear's mom]

We have a 20,000 life insurance policy on our daughter through MetLife. We originally thought of just getting enough for funeral costs, but I also wanted enough to cover any extensive amount of time off that we may need to take. This was important to me becuase I have seen people who were not emotionally ready to return to work after the death of a child but had to return to work one or two weeks after their child's death for financial reasons.

[SAHM2Seven]

Originally Posted by delphinium No we do not. I don't want to. We don't believe in burial anyway so we don't "need" the money.

Our thoughts exactly.

[TwinKristi]

Our policy is through our credit union and it's just a basic plan for dh & I to cover the basics. We signed up for the family plan so that if one of us passed, it would also cover some expenses for the kids' care and such. I don't know if it really covers the kids or not, I should check into that I suppose. But I wouldn't get them their own policy... just something inside me says NO!
We got our plan after 2 close family members died (his cousin and his aunt) within a couple months of each other and no one had money to pay for their expenses and no insurance. They came together with what they could for his cousin, but then to get hit again a couple months later with his aunt (the cousin's mom) was just devistating. There was a church that helped with both of their expenses, the aunt for sure, but we had a pot luck wake after at her xh's home.
When my MIL died in March she didn't have a dime saved towards her expenses, even though she knew she was passing (15 months into Stage IV Lung Cancer) but thankfully she was hospitalized shortly after she got her SSI check and we had that money set aside for her. We only had to pay for some of the flowers and the transportation to the funeral home (she donated her body to science) but we did the rest ourselves through the church and a friend who donated the catering services. We did a wake at the church and family came back to our house.

[TwinKristi]

Originally Posted by GinnyBear's mom We have a 20,000 life insurance policy on our daughter through MetLife. We originally thought of just getting enough for funeral costs, but I also wanted enough to cover any extensive amount of time off that we may need to take. This was important to me becuase I have seen people who were not emotionally ready to return to work after the death of a child but had to return to work one or two weeks after their child's death for financial reasons.

Some states (CA does) offer Paid Family Leave if a parent, child or spouse dies or is seriously ill, or the birth or adoption of a baby. Up to 12wks of Disability coverage (at about 75% of your pay) and no effect on your position when you return.

[jennyb]

Originally Posted by delphinium No we do not. I don't want to. We don't believe in burial anyway so we don't "need" the money.

i truly mean no disrespect, but am confused by your post. if you don't believe in burial, then what "action" do you take concerning a death? cremation costs money also, although probably not nearly as much as vault/casket/etc.

did you mean cremation of the body and not burial of the cremains? i'm naturally a curious person and haven't come across this statement before - just wondering what you meant by your statement?

[jennyb]

as for us, if something were to happen to one of our kids this very day, we barely have enough in savings to cover all the funeral/burial cost for one child. If 2 or all of them were to die in a car accident, we certainly wouldn't have the money for multiple expenses, so we carry an inexpensive rider policy on each child.

each child is covered from the date of birth. if at any point during their first 18 years of life they develop a chronic condition (like asthma) i am relieved to know that they will have "some" life insurance to carry onto adulthood. Our particular policy allows them to "enlarge" their small policies up to 25,000 once they turn 18. Since my son was diagnosed with asthma by age 3, this may be the only affordable coverage he'll be approved for as a young adult, fresh out of college.

[Mom2frick&frack]

Originally Posted by GinnyBear's mom We have a 20,000 life insurance policy on our daughter through MetLife. We originally thought of just getting enough for funeral costs, but I also wanted enough to cover any extensive amount of time off that we may need to take. This was important to me becuase I have seen people who were not emotionally ready to return to work after the death of a child but had to return to work one or two weeks after their child's death for financial reasons.

That's the same reason we have policies on our kids. Each of our kids has a $25,000 policy on them through my work. I work for an investment company so it's super cheap to get this insurance on the kids along with the policy I have on my husband and myself. Not only do I not want to worry about funeral expenses, I do not want to HAVE to return to work before I am ready after suffering such a horrendous loss. Since I only get 3 paid days off for bereavement and DH gets zero days paid off it would put us in a financial bind to take time to mourn and grieve our loss. That time off without pay could result in the loss of our home.

I do not look at life insurance as an investment. I guess working where I do and doing what I do I know there are much better investments to put your money into so I leave life insurance for it's main purpose. To be paid to your beneficiaries in the event of your death.

[smashncakes]

We have $15,000 gerber life policies for each of the kids. We wanted enough to cover funeral expenses & any other expenses that could potentially come from the death, plus possibly enough to help out with time taken off from work. We mainly got it because, God forbid something happen, we wouldn't have enough in our regular savings & such to cover funeral expenses...I pray I never have to use it, but spending less than $5 a month for both kids to have that coverage in case something does happen is totally worth it in my book.