Do Kids Need Life Insurance?

Discussion in Life & Health Insurance started by pafjlh • Feb 4, 2015.

  1. larryl332

    larryl332Active Member

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    Only in specific and particular situations I can see this being that worthwhile. I get it, but at the same time there is so much protection that goes into raising a child that I am not sure it is worth it early on.
     
  2. Shine_Spirit

    Shine_SpiritActive Member

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    If parents or other responsibles can afford it, I find something very valid. However, I think there are more important things in a child's life, such as studies for example (something that can be very expensive sometimes :oops:).
     
  3. explorerx7

    explorerx7Active Member

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    In my country, there is an insurance element that is included in the package for admittance to schools. There are other types of insurance that may involve children but most parents seem to opt for the investment towards education process.
     
  4. Happyflowerlady

    HappyflowerladyWell-Known Member

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    Since the main reason to get insurance for children is not that we expect them to die when they are young; but to lock them into an insurance policy that the rates will never go up as they age, it is definitely one of the best things that a parent can do for their child, even moreso than setting aside money for their college education. Eventually, we will all get old and die, and need some kind of a burial policy to cover the expenses, or we will be a financial burden to our own children.
    I actually had insurance when I was younger, but because of financial problems, I had to drop it, and then get re-insured later on in life. Now that I am in my 70's, even a small insurance policy is expensive, and if I had kept the one that I had , I would have had a lot more coverage for a much lower premium.
     
  5. tonyb

    tonybActive Member

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    When we talk about Life Insurance ordinarily I would think that pertains to adults only and that has been my understanding of how a life insurance scheme should go. On a second deep thought being that whether young or old so long we are all human being it may not be out of place to reason that life insurance can be extended to children. The children would keep the insurance to adult life when it becomes more meaningful to them.
     
  6. luri

    luriActive Member

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    I think yes. I have bought life insurance for my baby. I bought this insurance in a hope that after the insurance matures, there will be enough money for by child to go for furtner education. For me child insurance is not for the monetary compensation, rather a saving for child's future.
     
  7. Barida

    BaridaActive Member

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    You took a good decision by getting a life insurance for your child. One thing most people don't know about child insurance is that it is a way to secure the future of the kid so that when he/she is of age, there won't be issues of financial limitations to get the basic things of life like acquiring basic education or getting some necessary skills in a field of expertise.

    My dad got life insurance for us while we were growing and it was part of the fund that helped me in paying for my college degree. So, I totally agree with you on getting life insurance for babies. I hope many parents should see reasons with this and secure the future of their kids as well.