Friday, October 03, 2008

Hmmmm........

Do you have term life insurance on your kids? I have life insurance on both myself and Michael. I also have it on all of the kids. My question is this? Is this a waste of money? Granted it doesn't cost a lot and after 10 years it is paid up and I don't have to pay anymore. I'm just wondering if I could save some money (and we all know that with this economy we need to cut costs whenever we can) by not having it on the kids. Is that bad?

2 comments:

~grey said...

not sure on the insurance thing...

but I just stumbled on a blog this morning... that might be able to answer it for you.

I know you have mentioned how tight everything has been for your family. This blog might help...

Hope I am not out of line...

http://www.viewfromthecloud.com/2008/10/how-we-got-out-of-credit-card-debt.html

jag said...

I'm really late commenting on this -

I don't think it's a bad idea at all to have it on the kids. I never would have considered it for myself even until I worked for a life insurance company. I bought some for myself (and after getting married and buying a house, got another one on myself and one for my husband).

My godkids both have policies with Gerber (http://www.gerberlife.com/gl/view/index.jsp) - I think it's term until they're 18 and then you can transfer it to whole life or something. If I recall correctly, I think their benefit was only about between $5K and $10, so the payments weren't bad at all, but it would cover any expenses for someone without assets.

I'll be getting policies when and if we have little ones. I'll be happy to find out how the family likes the Gerber policies if you'd like to know (the kids are now 9 and 4).