What are the reasons for life insurance on children?

[The Rabbi]

Insure your assets.... not your liabilities.

I think kids fit into the later category, unless your Billy Ray Cyrus.

You have it backwards. I hope you don't have children and let them know they are a liability.

 

[The Rabbi]

Insurance is the foundation of any financial plan. Mutual funds are not the replacement. Remember 'buy term and invest the rest' was a failure because the people didn't do the investing. Millionaires buy WL because they are dumb?

WL on children is a smart idea. And I don't include riders. I like the idea of 20 pay life for a baby.

Plenty of children die and it can be a financial disaster when for a few dollars a month they can be covered and all the other benefits with WL.

And no, it not meant as an investment. It protects the parents assets and is simple to explain.

Families grow financially because of life insurance.

 

[moonlightandmargaritas]

You don't have any idea what you are talking about. What would you know about what true advisors think. I am a true advisor and professional salesman, recruiter and trainer and I say you are wrong. Don't ever speak for me or anyone else.

Rabbi, with all due respect I have forgotten more about insurance and financial services than you know.

I have roughly 6 times your level of experience (17 plus years versus what, 3 for you?).

I've been successful for a long time in this business, while you've been professionally advising people on what, a car purchase?

Get real.

 

[GreenSky]

You have it backwards. I hope you don't have children and let them know they are a liability.

Unless and until your children support you, they are a financial drain. This makes them a liability.

Econ 101.

Rick

 

[Guest]

Rabbi, with all due respect I have forgotten more about insurance and financial services than you know.

I have roughly 6 times your level of experience (17 plus years versus what, 3 for you?).

I've been successful for a long time in this business, while you've been professionally advising people on what, a car purchase?

Get real.

We're supposed to BELIEVE the above from a guy who posts from the shadows? Talk about "get real!"

 

[BiggitySwat]

after you grown men are done out-pissing each other on an insurance agents' internet message board, you can feel free to criticize/comment on my little list

 

[LGilmore]

"can feel free to criticize/comment on my little list "

You forgot the GI rider.

 

[BiggitySwat]

"can feel free to criticize/comment on my little list "

You forgot the GI rider.

What's that?

 

[mickeyma]

Pay for final expense--funeral, burial, medical costs. Add children insurance rider onto policy---$6 a month gives each child $10,000.

 

[LGilmore]

GI?

Guaranteed isurability rider or known by other names. Basically a futures option on a policy that allows at specific points in time or life events (marriage, birth) for your child to increase their life coverage WITHOUT medical underwriting or whizzing into a jar.

Simply an option that takes away a carrier's ability to say "no" or "yes, but table D" to your kid.

How valuable is this as an option? it all depends don't it?

How valuable is taking the word "NO" from an insurance company's vocabulary? The answer may depend on your experince in this business.