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Do Kids need Life Insurance?

June 15, 2008 By 4 Comments

There are a number of opinions on this question ranging from it helps ensure their insurability as they get older (they will already have a policy should something tragic happen) to using it as a savings plan because the rates are so low for children.

I once asked someone why you would get life insurance for kids and they responded, “to pay for their funeral.” (gasp….)

The rates are actually pretty cheap. You can get around $2.50 a month for $50k of insurance and it claims to earn interest. On the surface it seems like an easy way to start a savings plan for a tiny bit of money plus have the added bonus of the insurance coverage, although I’m sure a savings account has higher interest rates.

What do you think?
[poll id="5"]

Filed Under: Just My Life
About Kim

Kim is a creative person who doesn't sit still for very long. As the mother of two, she calls herself a "recovering former working mom" and left a successful career as an Architect to stay home with her kids. This blog is a reflection of her daily life and her quest to find the answer to "what's that smell?". If blogging doesn't work out for her, she plans on auditioning to become a sports team mascot.

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Comments

  1. Kim says:
    June 15, 2008 at 9:51 pm

    Thanks for linking me to your post Saph, I left you a comment!

    Reply
  2. Saph @ Walk With Me says:
    June 15, 2008 at 8:56 pm

    I forgot – here was my post.
    http://windersnest.blogspot.com/2008/03/life-insurance-for-your-child.html

    Reply
  3. Saph @ Walk With Me says:
    June 15, 2008 at 8:56 pm

    I actually posted about this awhile ago and I say the answer is no!!

    Reply
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