To All Those Who Said Life Insurance on Children Was a Bad Idea

[BNTRS]

Re: To All Those Who Said Life Insurance on Children Was a Bad Id

Would term; whole life, UL made any difference to these grieving parents?

As I've always said, I've never had a widow or widower tell me, "you know, this life insurance check sure is nice, but I still think the premiums we paid were too high."

 

[somarco]

Re: To All Those Who Said Life Insurance on Children Was a Bad Id

If you know a parent who has lost a child then you know the financial stress that can only make the emotional hurt even worse. Having the funds to pay final expenses, including unpaid medical bills is one thing.

Worse is knowing that you (the parent) have to return to work the next day after burying your child just so you can make ends meet.

Providing funds that allow the parents time to grieve with dignity is worth more than any of the other arguments in this thread so far.

 

[BNTRS]

Re: To All Those Who Said Life Insurance on Children Was a Bad Id

Providing funds that allow the parents time to grieve with dignity is worth more than any of the other arguments in this thread so far.

Because Mr. Prospect, if Friday afternoon you got a phone call from your wife telling you that the most unimagineable thing happened to little Johnny, my guess is you won't be ready to be in the office on Monday morning.


Used that several times.

 

[bbmrdirect]

Re: To All Those Who Said Life Insurance on Children Was a Bad Id

I have 2 policy's on my children. It is a good Idea.

 

[catowned]

Re: To All Those Who Said Life Insurance on Children Was a Bad Id

I also love how they quoted some supposed expert who states:



This kid could have likely gotten a policy the day before he died for less than 15 bucks a month. If money was so tight that was impossible, they should have seriously reconsidered college from the start. Hell, I'll give up my weekly coffee habit if it means having the ability to avoid a monthly payment on some loans for which I'm on the hook if something happens to my son.

But take it to a different level, I see people all the time who have something like a $50,000 policy through work and a $200,000 mortgage and a pile of credit card debt and they are "all set" on the life insurance side of things.

I run into younger professionals all the time who have six figure student loan balances and zero life insurance but more importantly zero disability insurance. They talk about affordability all the time.

It really comes down to thinking you'll never be in that situation, and our having to force the uncormfortable issue.

I've forced people to take me step by step what they would do, everytime we eventually get to, "Oh yeah, forgot/didn't think about that."

These "poor college students/parents" mentality drives me up the wall! I've done work dealing with college students and property they did not return - with the rude parents calling for their poor student /angelic child (ah hem adult!) that we are taking advantage of who is in Europe/islands/vacation somewhere.

I've been a broke college student and nobody ever mailed me free a check for a vacation and rent paid for 3 months so I could go! I'm sure they are not broke!
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A regular federal gov back student loan would be cancelled upon death..this was not one of those. I have my Sallie Mae username/password and I printed out the address to send the death certificate to in my important papers folder.