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Is getting life insurance for kids really worth it? Like Globe Life's Young American Plan.?

Why should I buy a $10,000 policy for my child, for instance? I understand its necessary for parents to have life insurance so that if anything happens, the children will have something to fall back on. So why should I get for my kids?

Public Comments

1. No, they are not worth it.
2. You rchildren should have a long and healthy life ahead of them; don't waste your money...
3. I would pass on the Globe Life, very expensive....I wouldnt get it unless you are concerned about not having enough to provide funeral in event of death. The cheapest option is to get a child rider on a term policy. Some companies offer these for about $60 per year, which would provide each child you have with $10,000 of coverage.
4. Its a total waste of money to buy life insurance on children, but I have seen it done many times where families are duped into buying it by a life insurance agent. They make it sound like a great way to save for college, when it is clearly not. It gets very low rate of return and there will be hardly anything to borrow when they reach 18 years old. If you really want to save for your kids higher education, you should open a 529 plan (if you live in the US). Kids don't provide any income to the household, so why should there be life insurance on children? If you are worried that something could happen to them, then add a child rider to your life insurance policy. A child rider would cover all children up to age 25 years old. When the child reach 25 years old, he or she may be able to get life insurance of ten times the amount of the original coverage without having to proof of insurability. For example, if you put $10k coverage on the child rider, the child can get $100k coverage when he becomes 25 years old.
5. You should get it because the life insurance agents need the commissions. You should not get it for your children. They will not benefit, since they will have to be dead for anyone other than the insurance company and insurance agent to benefit.
6. Are you Kidding? YES!!!! if god forbid somthing did happen wouldn't you want to take time off work? that costs money. Who Know how long you will need. posibbly even treatment. and yes you would have to pay for a funeral. i recomment 75,000 on children. at least 25. oh and you can lock in thier INSURABILITY. one day they will have a family to protect of there own, but depending on their health they may or may not be able to get it. its happened to me! Get them their own policy tho, NOT a rider
7. I have a policy for both of my kids through work. But its only .25 a pay. I got it just incase something happened. I figured the last thing I would want to worry about is money for burial if God forbid I was in that situation. I wouldn't pay much more than the quarter I do now for it though.
8. Get a policy for you and add a "children's rider" to your policy to cover your kids.
9. I'll start by asking you...are your children healthy and insurable? If the answer is yes, then, by all means, buy insurance for them. One day, their health will change. If their parents solidified their insurability at a young age, they won't have to pay outrageous prices when they're older. Second, there are plans available that can guarantee a paid up policy. I'm not talking about a policy that is paid up with NON guaranteed dividends. I'm talking about paid up insurance in writing. Take a look at State Farm's 15 Pay. It's guaranteed to be paid in full at the end of 15 years. You can NEVER buy life insurance cheaper than you can when buying on children. I would never buy a rider. Establish their own policy, young, while it's cheap and their at their healthiest. DO NOT buy life insurance as a savings vehicle. The cash value feature is an added bonus, life insurance is not intended to pay for college or to be used as any type of retirement plan. If an agent tells you this, they're misleading you. Finally, I'll get off my soap box, but only after I share with you that I was diagnosed with Multiple Sclerosis at the ripe old age of 24. The only life insurance and health insurance I carry is what I was able to get BEFORE I was 24. I know from personal experience I sure would have appreciated a paid up policy that was gifted to my by my parents.
10. It's a ripoff. I don't have life insurance on my three kids. It's actually sold, as a "savings plan", but in truth, it's intended to cover the funeral cost. If you look at how much you're guaranteed to be able to "take out" when your child is 18, vs. how much you've actually paid in through the years, you'll gag.