life insurance for children

[wonderly]

My husband has been updating our life insurance policies. Because of my HCM,(ICD<pacer) I obviously cannot change my policy. However, with my children having a 50% chance of inheriting this disease, would it benefit us to insure them for more than the usual $5,000? I'm concerned that they may be diagnosed at a later date and would not be able to get a policy for themselves as adults.

Does anyone have a suggestion for the best type of policy?

I appreciate your input.


Thanks!

tricia

[Sarah]

Re: life insurance for children

Buy, Buy, BUY!!!

Call Lisa to talk nuts and bolts --she knows all the details.

But yes, buy as much as you can and buy stuff that doesn't require health status if you can and lets you buy more later w/o health proof.

S

[Lisa Salberg]

Re: life insurance for children

You can speak to a your local insurance rep from any large insurance firm about what plan makes the most sense for your family.

We always recommend that you secure life ins before a screening.

Best wishes,
Lisa

[roxann]

Re: life insurance for children

Yes, buy now!!! Chuck only had a $20,000 life insurance policy that I bought not long before he was diagnosed. We were young and healthy--who knew? After his diagnosis, I was only able to get insurance through our employers for the amount that did not require proof of insurability. So, when he died in April, I didn't have a whole lot of life insurance money to take care of things.
I have two boys--I have taken out whole life policies on them that will earn interest, that they can borrow against, and that does not require proof of insurability to add later on in life. I also have a Gerber policy on each of them.
You will do them a favor by getting it now--so when they have kids of their own, they will be taken care of.
Roxann

[Tommy Mac]

Re: life insurance for children

I've got two daughters, age 5 and 2 and neither have HCM at this point. I am the lucky feller. My insurance agent/buddy is working out a plan to set us up with a policy that is affordable and that they can keep throughout life. We've talked about the importance of coverage for them so that later IF they get diagnosed, they'll already have a policy AND they can add to the coverage amount for that policy.

He's due over in about a week and I'm looking forward to hearing the details so we can get this one off our list.

[Lisa Salberg]

Re: life insurance for children

In NJ a child can have up to 50% of the insurance the parent has with NO MEDICAL QUESTIONS! Check your state laws!!
Lisa

[Linda]

Re: life insurance for children

For those who already have a child diagnosed and uninsured, check those school offerings at the beginning of every school yr. They offer low-cost policies that can be full or term - (buy full) and with the option of increasing value with future years. They count on multiple contracts and low payout so don't ask for medical clearance. It starts out at a low coverage amt, but it's better than nothing and gives them something to increase thru-out adulthood if nothing else is available. Linda