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Globe Life Insurance Policy for children?

I've had a Globe Life insurance policy for my Daughter since just after she was born, didn't really think about it as it seemed like a great idea when I got their information in the mail. My Daughter will be 8 years old this February, I simply want to do whatever is best for her. I guess my question is three-fold, am I doing the right thing with this, is this a good policy to have, and lastly should I continue with this? Maybe one more, should I increase the coverage?

Public Comments

1. What was your reason for buying life insurance on your child? Do you expect your child to die soon? In my opinion, life insurance are children is a total waste of money. You should ask yourself do you have enough coverage? What kind of policy do you have? Is it one that builds cash value or the one without cash value? If it is one with cash value, you should highly consider replacing it with a 20 year or 30 year term insurance. If you still believe you still need coverage on your children, you should add a child rider to your life insurance policy. A child rider will cover all your children ages 4 days old to age 25 years old.
2. Children unfortunately pass away in untimely manners, just like adults. And also like adults their funeral costs are not free. So, yes most children should have some type of coverage for a burial, but this can easily (and cheaply) be accomplished by putting a child rider on your own life insurance policy. It runs about $60 a year and covers ALL of your children at one price (for $5000-$10,000). If you have all of your financial duck in a row, are in an upper tax bracket, and have nothing better to do with your funds then you can look into buying some type of significant permanent policy for your child's future. Everybody else...should stick to the child rider. There are other circumstances where it would make sense as well, so consult your financial adviser. And, for future reference, getting financial advice from a mailbox marketing piece isn't the best idea. Even if you wanted a policy like that, calling a life insurance broker and having them shop the market place could have netted you a much better policy.
3. *I* think child life insurance is a waste of money. If you're hell bent on buying the smallest amount of coverage that you most likely will never use, for the greatest amount of cost to you, it's fine. Most likely, you could do more effective things with that money - like put it in an investment account.
4. Childrens insurance can be a great idea if it is Whole Life earning dividends that you can use later for your kids education cost or for your own retirement. Something non-permanent for kids is usually not a good idea unless your finanical situation dictates you should have some minor amout (ex:10k) just in case. I used brokerage services at www.LLDcoverage.com for my solution.
5. I haven't seen a policy from Globe that compares to some of the policies you can get from F&G or Monumental, for the long-term benefits they offer (especially the higher cash values available to her later in life). If you want some information on these, send me a private message. I'll be happy to answer questions, and if you need me to, I'll find you an agent in your area who can sit down with you to explain it better.
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