All Life Insurance Tips

What is the best Child Life Insurance to buy, Term or Whole.?

Which Company?

Public Comments

1. Term is the best , If u indian try life insurances
2. It's really a waste of money.
3. You can buy Child Term as a rider to your policy, or get it as group term through work. You'll only need $5k-$20k in coverage to cover final expenses. However, many children are uninsurable when they become adults, so purchasing up to $100k of permanent coverage may be a good idea, and a nice gift to pass to them when they reach majority. They may have several thousand in equity built up by the age of 18.
4. A small whole life policy (25k or 50k) with a GIO option (guaranteed insurability option). That means the company has to offer the insured more insurance at specified ages. This is a great option in case the insured/child becomes uninsurable due to disease or illness. Buying this policy while they are young will only run around $12-20 a month and when they are old enough you can give ownership to them and they can take over the payments. You'll never regret having this policy. If, God forbid, something would happen you would have money for final expenses or possible medical expenses. The bright side: buying young gives the policy a lot of time to build cash values so that when the go to college, buy a first car, need money for a downpayment they can loan against the policy. I have one for my son and have never regretted the decision to purchase it. State Farm has local agents and reasonable rates. They are also very financially strong and consistently receive A+ ratings.in the insurance mags. Do your research and don't buy from some fly by night internet company!
5. You don't need individual life insurance on the child. Just add a child rider to your own policy to avoid extra policy fees. If you have a spouse, you should add a spouse rider Anyway, you only need term insurance with just 10,000 coverage
6. usually a term policy will do. unless your agent can show a very good return of investment in the whole life plan. If the return is good than you can consider whole life as the cash value can be utilised for his education needs. (Make sure the return is good) For a child, kindly consider a Medical Insurance that covers hospitalisation and medication. The odd of a child died pre maturely is quite rare. But chances for a child to get medical attention is high. Get your local agent to recommend a good company
7. The best child life insurance to buy depends on the reasons you want the coverage for your child. Two leading providers of life insurance for children include Gerber Life and Globe Life. Globe is rated A+ Superior by AM Best for financial strength, and gerber Life is rated A Excellent. Globe Life offers you up to $30,000 protection for your child with no exam required and you can apply online. You answer a few health questions and start your policy for $1 today. Life insurance for children may allow them to get additional life insurance when they become an adult. It guarantees them life insurance, even if their health changes or they are unable to buy life insurance at a later date. To learn more about these options, visit http://www.term-life-online.com/globe-life-vs-gerber-life.html I hope that helps! Best of luck to you and your family.
8. Well, I don't personally believe in insuring children. But Whole life is the most expensive way to go, for the least coverage. Establish the goal first. Is the goal having money for a funeral? Or is the goal establishing permanent life insurance? Or is the goal having it just to say you have it?? THen find the cheapest product from an A rated carrier to fit the goal. As long as the carrier is A rated, you can shop by price & features.
9. Life insurance is used to replace the income (or in home services) of the person who died. Since your child doesn't support you (or do they), the only coverage you would possibly need is a small policy to cover the cost of a funeral, around 5-10k. And this is if you don't want to have to cover this cost out of pocket in case of death. If you are looking to give your kid a leg up in their financial future, put the money into a mutual fund for them.
10. As one other poster noted, your child has no income, so there is little need to insure their life unless you just want to make sure funeral cost would be covered. More likely, you need additional life insurance for YOU to see that the child is taken care of if you die.