I've read things on both sides of the issue relating to life insurance policies for kids. On the pro side, some people feel it's good to have life insurance on your kids because you can pay on the policy and pass it along to your kids when they're older. Plus, if they become uninsurable, they at least have some life insurance. On the con side, some people feel it's better to take that money and invest it in an account for them (of course, that's before the stock market tanked ).

What are your thoughts?

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You cannot discover new oceans unless you have the courage to lose sight of the shore.

I don't care if it is cost effective or not, it is something I would never be without. I have had to use it before and it is a lifesaver!

On the cost effective side, though, ours is free. We get free riders for all our children with our life insurance coverage.

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~Happiness is a large family~

Everyone must be quick to hear, slow to speak and slow to anger. James 1:19

Do you not know that in a race all the runners run, but only one gets the prize? Run in such a way as to get the prize. 1 Corinthians 9:24

The purpose of life insurance is to replace lost income by an income earner. So, unless your kids are employed and supporting you, they do not need life insurance.

If you are looking for a savings vehicle for death/burial money, it would be much smarter to save money on your own.

Here is how I look at it. I am the bread winner and I would need more than 3 days granted to me by my employer. It would cover my lost wages for the time I would need off.

Plus for me it costs about 48 cents a month for a $10,000 policy.

Check with whoever you have your life insurance with, more than likely there is a free child rider for $10,000.

I agree with the others about the child riders & not needing more than $10K. As far as passing on the life insurance policy to the child, that only applies to whole life insurance, not term life. Whole life insurance has fallen to the way-side because it is no longer cost effective. For the $ that you sink into it, you would be better off investing the money yourself.

We have 10,000 on each kid. Would not be without. If something happens to our child, we have the insurance to take care of the aftermath.

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~~Sharon...wife to Bill for 17 yrs and mom to Kevin,16; Stephanie,14 and Tyler,8~~

I agree with the previous posters. We don't have insurance on our children because we have enough $ to cover death/burial expenses, and we don't see a need for more than that.

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Just wanted to pipe in and ditto what some of the PPs have said - life insurance is to replace lost income from an income earner (or to allow an income earner to become a primary caregiver should the primary caregiver die). There are better things to do with your $$ than pay for life insurance on your children (and I used to work in the insurance industry )

We do not carry any on our children. There might be some through DH's job but I've never looked into it.

Choosing to pay for life insurance on a child is an emotional decision, rather than a logical one. The sad part is, many adults do so when they are underinsured themselves.