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Life Insurance For Minors?

Funeral Insurance, Term Insurance and Burial Insurance

Life Insurance For Minors?

Postby Gershom » Tue Oct 03, 2017 12:04 pm

Life insurance on your minor child is always a good idea to ensure you have the money for burial services without creating a financial burden on yourself.
I'm sure you could start a savings account, though that seems rather morbid and you're left to whatever money is in the account at the child's time of passing.
A good agent will help you discuss what services you would look to hold and give you the best amount to handle that if the time comes.
You should also look into what's called a "return of premium" rider, which gives all your money paid into premiums back if the policy is never used.
Beyond that, a general figure is usually around 8-10,000 dollars for a child's policy, and with the right agreement, you may be able to roll that over when they turn 18 or 21, even increasing the policy payout.
Find an agent near you, and they'll be happy to tell you what's available and work out what's best for you and your family.
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Life Insurance For Minors?

Postby Scelftun » Tue Oct 03, 2017 12:52 pm

Based on my 44 years of life insurance experience, I would not recommend life insurance, other than a small term policy, unless the child has a need for guaranteed insurability that may be obtained as a rider to a parental policy.
Investment in a 529 plan, such as the state of Virginia's or other available 529's would rapidly grow with tax advantages to more than take care of final expenses, and also, if continued to fruition, take care of rapidly increasing college expenses.
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Life Insurance For Minors?

Postby Fajer » Tue Oct 03, 2017 5:56 pm

They have policies that are especially for children. That's what the Gerber Life Advantage plan is for. And I believe if they get a certain age like in their late teens or mid 20s it could be cashed in. Or you can contact your local life insuror and ask them. But I notice many people don't put policies on their children because they feel guilty or it might raise suspicion. But if you don't get any life insurance then of course you would be in the same boat if it were an adult.
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Life Insurance For Minors?

Postby Hiero » Fri Oct 06, 2017 5:19 am

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RE :Life Insurance for minors?

If a minor were to pass away, would the minor need life insurance in order for the funeral and other such arrangements to be taken care of? Would there be another method that these such needs would be able to be taken care of without life insurance?

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Life Insurance For Minors?

Postby Gwern » Sat Oct 07, 2017 9:56 am

Savings or credit card I would imagine.
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Life Insurance For Minors?

Postby Julien » Sun Oct 08, 2017 1:43 am

Usually the parent would pay for the funeral.
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Life Insurance For Minors?

Postby perth » Wed Oct 11, 2017 7:17 am

There isn't a special fund for funerals for children. My kids all have small life insurance policies that would basically only cover a funeral if the unthinkable happened. They are all permanent policies with level premiums that earn interest, which will eventually pay for the policy premiums. I got the policies after my husband died unexpectedly without sufficient life insurance at the age of 33.

And yes, the kids can cash in the policies when they are of age. The money will be a good start toward a college education.
Anyone who thinks it "homicidal" to insure your kids' lives has been watching a little too much Court TV!
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Life Insurance For Minors?

Postby Amotz » Thu Oct 12, 2017 5:27 am

The ONLY reason to have life insurance for minors is to pay for funeral expenses - because the purpose of life insurance is to replace the income of the deceased, and minors don't have income.

If you have enough for premiums, but them in an investment, and if the minor doesn't die (highly likely), then it's a great graduation gift for them.
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