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Reply to "Whole life insurance for kids"
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[quote=Anonymous]I sold that stuff for a couple of years long time ago, and no. My SIL got our son a Globe policy when he was around 2, I think it was probably term with a conversion option at 18 because I'm not aware it ever had any cash value. Although. . . as a toddler he always wanted to drive the car and we'd tell him he couldn't because he didn't have insurance. So when his aunt told him (age 3) she bought life insurance for him he asked if he could drive now. (It got crazier after that because she's telling him it's life insurance and money when a person dies and he's got dollar signs in his eyes thinking HE's going to get the 80 grand and she's saying, well, no. Should add that my SIL and her husband are terribly organized, straight-laced, also childless people and BIL is an accountant and she was trying to explain this in a perfectly logical way but increasingly hilarious. And no, we did not convert the policy. This was a tradition she inherited from their father.) [/quote]
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