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What type of life insurance is the best choice for our baby?

we will be having a son due around november 20th. we are currently looking into different types of life insurance for him and im no longer sure what type i want and the provider to go with. my husband is set on the Gerber life grow up plan but, im not sure that's the way to go when there are whole life policies, term life policies and others out there that seem to offer more than the Gerber program please HELP!

Public Comments

1. Roth IRA...
2. Get whole life. Whole life you build up cash value in case of an emergency you can take that money out... Term is way not the way to go...
3. Most financial experts do not recommend getting life insurance for a baby. Life insurance is usually intended to cover expenses and replace income. It would be better to spend the money on coverage for yourselves so that there would be some money for the child should something happen to you or your husband. I recommend term since it's the least expensive for the amount of coverage.
4. Why would you have life insurance on a dependant? Put your money in a bank account instead! Or increase the premiums on the main income earner in the family. You don't seem to understand what the purpose of life insurance is. Think!
5. Congratulations on your future bundle of joy! Life insurance for your child will provide a few benefits for your newborn son: 1. It provides funds for your child's final expenses in case your baby were to pass unexpectedly. 2. It provides guaranteed coverage for your child as an adult. They can convert the policy when they become an adult. 3. It guarantees increased limits of coverage for your child without proving insurability when they grow up, with some policies. 4. The coverage cannot be canceled due to a change in your child's health or occupation when they grow up, depending on the policy you choose. 5. Rates are usaully guaranteed to remain the same throughout the period of the policy. You may want to consider whether the policy allows your son to get higher limits of coverage when they grow up. Also, that they have the option to convert the policy to a whole life policy if they choose to do so when they become an adult. If you go with term life insurance, this would usually be the least expensive coverage. That way you could take the remainder you would have paid for whole life premiums and place it into a savings program for your child. This will grow interest at a greater rate of return than it would in a whole life policy if you invest it carefully in maybe government bonds or securities. I hope that helps. By the way, Globe Life Insurance offers a Globe Life protection for children that is affordable and there's no exam required. You can apply online and start your policy the same day. Globe Life is rated "A+" Superior by A.M. Best for financial strength, which is a higher (better) financial rating than Gerber Life has at this time. You may want to consider Globe Life in addition to Gerber Life. Visit http://www.term-life-online.com/globe-life-vs-gerber-life.html to learn more. I hope that helps! Best of luck to you and your future addition to the family.