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  • Life insurance for children

    [Life insurance for children]

    Author: Patricia wonderly (---.56.239.96.Dial1.Buffalo1.Level3.net)

    Date: 07-08-02 17:45

    HI:

    After reading a few postings in regards to purchasing life insurance for children of parents with HCM...Has anyone actually gone ahead and done this? I'm considering doing just that, but I am not sure how much or what type of policy would be practical for children who are currently 5, 8, 10 years of age. I'm very concerned that if they are diagnosed in the future, that they will not be able to obtain coverage for themselves or their families.

    I'm sure I sound like a huge worry wart..I guess I am .

    If anyone has suggestions, I would truly appreciate your input.

    Thanks!

    Tricia

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    [Re: Life insurance for children]

    Author: Board Moderator--Sarah Beckley (---.dsl.mindspring.com)

    Date: 07-08-02 23:25

    Dear Tricia

    You are not a worry wart, you are taking into consideration a real possibility for your kid's futures.

    For children, you would want enough to (god forbid) be able to bury them (5-10K) at minimum and then how much more you get would depend on what you can afford and what type you get and if you can get options to be able to buy more later withoud a medical.

    A reputuable life insurance agent can give you the skinny on insurance for kids.However, in a nutshell, term life is cheap because it is like renting. You get the insurance for the term (length of time) you choose and you can renew or not, as you choose. However, most term policies will require you to get a new medical after so many years and the price goes up the older you are.

    Whole life is more expensive, but it is like buying a house in that you pay more because part of the money gets reinvested into the policy and you build equity. After 18 years, there will be a nice nest egg that can be used to continue the policy or can be borrowed against ---the closest thing is a 401(k). You shouldn't take the money out, but you could if you had to. Also, whole life is for your whole life --no renewals and -I think- you can buy an option to allow you to buy more insurance later without a medical.

    I hope I've helped a little. Good luck with the family,

    Sarah

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    [Re: Life insurance for children]

    Author: Lisa Salberg (---.dyn.optonline.net)

    Date: 07-09-02 10:31

    RE life Ins. for kids. Schools normally offer life ins policies at the begining of each school year. Those companies offering policies via the school have normally been reviewed by the school board and the state and have good reps. and rather low prices. You may want to ask your schools admin. office for the names of the companies and applications.

    Your well advised to speak to an insurance rep in your state as laws do vary from state to state.

    Best to all!

    Lisa
    NOTE: This is a post from the previous forum message board.

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