What are the reasons for life insurance on children?

[Guest]

NHB_MMA

Thanks for saying this is a good post.

I reponded to your post on VUL for children on the thread you started.

I should add that I am now in fact considering a VUL for my children. The policies I bought them were 10 pay life (they are twins) and I just paid them up.

Take care

 

[maxreferrals]

I'll take the position (and return flames) that LI is income replacement.

As such, there's no reason to hold LI on a child. There's no reason to even sell it to a parent.

Unless it is for final expenses or thereby financially would create an undue financial strain on the family.

 

[Guest]

I'll take the position (and return flames) that LI is income replacement

No flames from me, don't even care to speak to you if you have that preconcieved notion about how the conversation will go.

 

[James]

I'll take the position (and return flames) that LI is income replacement.

As such, there's no reason to hold LI on a child. There's no reason to even sell it to a parent.

Unless it is for final expenses or thereby financially would create an undue financial strain on the family.

Dang, and all this time I though LI was about financial interest?

 

[L5tc]

For Insurance through their lives, Cash...college

I started late and my daughters 10 which killed off compounded from 1. I would, had I the knowledge, write a WL on her. the cash value doesn't show on the FASFA form(529 money does!) - she would cash to access for a down payment, have collateral via the policy and cash to pull out when she's retired and she's always insured! It IS and insurance policy after all lets not forget that.

Term for burial? that's a different issue and one that should be addressed but a lot more gruesome than what I'm talking about

 

[Crabcake Johnny]

My wife and I are putting $200 a month in for our son and we're not saying a damned thing about it. If he decides to go to college (which I'll be against since all my friends with degrees are getting their asses handed to them) then it's 100% of college paid for. Hopefully he chooses not to go to college and start his own business. Then he gets a nice surprise when I lay about $150,000 in his lap.

 

[L5tc]

that's a surprise I wouldn't mind!

Cash value policy pulling out some money tax free and it doesn't have to be school related. Not for nothing but I DO have a 529 plan for my daughter that's managed by Vanguard for NYS. It has performed so horribly I cannot tell you. They restrict the allocations to that dopey age based formula which doesn't work because like indexing - it depends when you stop and start as much as the bull about how great indexing is.

 

[maryjd123]

life insurance for children

I forgot i was signed up with this company --- Armed Forces Benefits Association -- www.afba.com

this is not just for the military

its for regular folks too

you guys are talking about insuring kids -- i have a 50k policy on all of mine -- i have 4 kids --- 12 dollars a month for each -- they are teenagers -- they will have this for this rest of their life.. and I am so glad i did this for my oldest daughter -- she has a colonoscopy scheduled for the 23rd of january -- the doc said they will most probably be diagnosing crohns disease... at least now she will have insurance -- because she wont be able to get it later..

this is why people should get their kids insurance when they are young -- you never know what will happen in the future.

mary
p.s.
if anyone needs to get their kids insured let me know -

btw this is not term ins.. its wl

and -- thru their allowance -- they are paying their own premiums.

 

[J.R.]

Re: life insurance for children

I forgot i was signed up with this company --- Armed Forces Benefits Association -- www.afba.com

this is not just for the military

its for regular folks too

you guys are talking about insuring kids -- i have a 50k policy on all of mine -- i have 4 kids --- 12 dollars a month for each -- they are teenagers -- they will have this for this rest of their life.. and I am so glad i did this for my oldest daughter -- she has a colonoscopy scheduled for the 23rd of january -- the doc said they will most probably be diagnosing crohns disease... at least now she will have insurance -- because she wont be able to get it later..

this is why people should get their kids insurance when they are young -- you never know what will happen in the future.

mary
p.s.
if anyone needs to get their kids insured let me know -

btw this is not term ins.. its wl

and -- thru their allowance -- they are paying their own premiums.

Interesting website. I had the pleasure of serving under the new president (General Eberhart) and must say he is one of the nicest guys you will meet at his level. Here is the part of the website that intrigued me.

Life Insurance Programs – 1-800-776-2322
Group Insurance
Available to military personnel; DoD, Federal Government, and Department of Homeland Security employees; Contractors in support of the above; State and local government employees (to include police officers, firefighters, and other first responders) and families of the above. Underwritten by 5Star Life Insurance Company (except in NY.)

Individual Insurance
Available to all individuals. Underwritten by 5Star Life Insurance Company

Charles C. Blanton AFBA Family Survivor College Scholarship – 1-800-776-2322

For surviving families of members killed in combat or acts of terrorism. Click here for more details.

AFBA Emergency Death Benefit – 1-800-776-2322
Up to $15,000 mailed to the insured memberÂ’s beneficiary within 24 hours after receiving notice of a memberÂ’s death. Certain conditions and limitations apply.

Annual Financial Planning Guide – 1-800-776-2322
Provides information on retirement, health and survivor benefits, social security, and personal financial and estate planning.

Worldwide Bank Products and Services – 1-800-776-2265
Low interest rate credit cards, home mortgages, and more.
Offered through 5Star Bank

Identity Theft Protection Program – 1-800-776-2265
Offered through 5Star Bank

AFBA 5Star Mutual Funds – 1-800-243-9865
Choice of 7 different no-load mutual funds

Long Term Care – 1-800-776-2264
Offered through John Hancock

Short Term Medical – 1-800-800-1212
Offered through Assurant Health

Student Select Medical – 1-800-800-1212
Offered through Assurant Health

Automobile Insurance – 1-800-847-2886
Offered through GMAC

Automobile Financing – 1-800-247-5626
Offered through Pentagon Federal Credit Union

 

[Guest]

Per maryjd123:

you guys are talking about insuring kids -- i have a 50k policy on all of mine -- i have 4 kids --- 12 dollars a month for each -- they are teenagers -- they will have this for this rest of their life.. and I am so glad i did this for my oldest daughter -- she has a colonoscopy scheduled for the 23rd of january -- the doc said they will most probably be diagnosing crohns disease... at least now she will have insurance -- because she wont be able to get it later..

this is why people should get their kids insurance when they are young -- you never know what will happen in the future.

mary
p.s.
if anyone needs to get their kids insured let me know -

btw this is not term ins.. its wl

Any chance you could provide a link to the WL page on their website?

I guarantee you I rummaged around in there pretty thoroughly and could not find it. $12/mo for $50,000 WL DB is too good to be true and I sure as heck would hop on that bandwagon if you could get me a link to the page. Thanks.

Are you sure it is not $12/mo as a rider to an adult's term policy?

You said to let you know if we need to get our kids insured. If you can get me $50,000 WL DB for $12/mo You have a sale. In fact, I would like more than that DB if possible. Thanks.