Do you have life insurance on your kids? How often do you meet with your insurance agent?

[Anonymous]

We are due to meet with our insurance agent to update our policy. Last time she asked us if we wanted to take out a policy on our kids. Is that normal? I was taken back and said no, not at this time.

[Anonymous]

We have small policies for our children ($20,000) to cover burial costs and time off work for funerals. DH's employer offers them to all employees. It's a huge corporation. His previous job at a larger university also offered small life insurance policies for child dependents.

[Anonymous]

$5,000 policy for burial.

[Anonymous]

No. We can cover the costs of burial without spending money for insurance,

[Anonymous]

I have $20k on each through work. It was so cheap--like pennies a paycheck, otherwise, I would not consider it.

[Anonymous]

I took a finance class in college that said assuming you can cover burial costs, it is not a good use of $$. Life insurance is recommended to support dependents and kids have no dependents. We took out 20 years policies for us when our kids were born. That basically gets them through college and they would be dividing our house etc to give them other support.

[Anonymous]

No policies on our kids. We use life insurance as an income replacement strategy. So what is needed for a surviving spouse or kids to maintain lifestyle if a parent dies. Our kids have no earnings so no need to replace income.

[Anonymous]

No policies on the kids, and never meet with any insurance agents. I have term-life on DH at 500,000 and on me at 250,000. That's it for us. I should probably have gotten double but we do own several pieces of real estate that will get us through in a pinch so I'm not increasing it.

[Anonymous]

No policies on the kids, and we never meet with insurance agents. I call if there's a change and we adjust the coverage over the phone. The PPs are right; life insurance is to support your dependents after you die. Unless your child is a child actor supporting the family with his/her income, you don't need life insurance on your child. I don't even think burial expenses make sense, because the odds (god forbid) of your child dying are SO low. But a tiny policy to cover burial isn't a terrible idea.

[Anonymous]

No. Unless you can't afford a funeral, it's a waste of money.

[Anonymous]

No, because we can afford the cost of funeral/burial. God forbid.

[Anonymous]

Thanks for the good info. I remembered thinking my insurance representative as a money grubbing schemer for propositioning us on it.

[Anonymous]

former agent...agree if you can easily afford costs of burial services there is no need to take out policies on a child.
If you live paycheck to paycheck, do not have savings or don't somehow have extra thousands available, it's sensible to consider a small policy only for expenses.
Employer sponsored policies in particular can cost just pennies a month.
I have had coworkers and friends more than once who lost a child unexpectedly and tragically and had no policy and no money for burial. Friends and family took up a collection and the parent(s) of the child still had a balance at the funeral home months/a year afterward and would get a monthly bill from them and try to chip away at it. You just don't want to be in that position.

[Anonymous]

We have a family accidental death and disability policy-because it was something like 20 cents a pay period to add it to our life insurance policies through work.

No agent.

[Anonymous]

I have a small policy through work, to cover the funeral, time off work and help with medical bills (bc I'm assuming that if my DC dies before me, there will be some sort of hospital treatment due to accident or sickness).

I have very little savings and the last thing I want in that horrible situation is to be hit with more debt.