Life insurance on your LO?

Exactly like adult insurance; something happens to your LO then the insurance company pays out. Should you have it, is it weird to have it or should you not have it? Basically one parent thinks it’s a good idea and the other is totally against it.

  • Raji
    Feb 07

    We have it on our kiddo since she born. We have it for the cash value on it in the future.

  • Joanna
    Feb 08

    No. Husband has a degree in finance and finds those Gerber plans for kids ridiculous. Instead of paying insurance, put the money into a 529 or other investments for college. (Also pay off your own debts, save for retirement, and have your own life insurance).

  • A
    Feb 08

    So I feel it depends on the plan. I cancelled mine because it wasn’t a good one but kept my household coverage one that covers anyone in the house for hospital stay and such. I have one on my niece that will stay that price per month forever unless she decides to add extra to it at 18

  • Destinee
    Feb 08

    We got one through his job. It’s not one of those Gerber ones, I think those are pretty much a scam. We got one on each of us, because god forbid anything happen to her we would need to pay medical bills and funeral costs. I’m a realist.

  • Lynn
    Feb 10

    Exactly what destinee says.

  • Brian
    Feb 10

    Term policy on your child is not a bad idea even if your company offers coverage for children. It’s cheap and portable so it’s still in place if your between jobs. A 20 year covers if the unthinkable happens and doesn’t add financial hardship to an already horrible event. Perm premiums are more but do tend to have value you’re child can cash out when older. Or you can transfer ownership to them when they are adults and they have something for their dependents down the road.

  • Aundie
    Feb 14

    Everyone including children should have life insurance. I cannot believe people would put insurance on a cell phone or your car but not your life. It’s foolish and selfish. My dad was a State Farm agent. We all have Whole Life insurance policies since he started being an agent. If something happens to your child, you do not want to have to figure out where to get the money to bury them. It’s inexpensive and stays around the same price as long as they don’t cancel it. All working adults should have insurance. Why? When my dad died, we had enough insurance to pay off the cars and the house. Imagine a single mom with four girls who has worked in over 26+ years trying to pick up the bills for all of that and grieve. It’s just not smart to not have anything.

  • Erica
    Feb 14

    We have Gerber insurance on our children. 4 years ago in May we had to use it on my oldest daughter who passed away unexpectedly. So no, Gerber is not a scam.

  • Caitlin
    Feb 14

    Erica, I’m so sorry to hear that. Thanks for sharing your experience.

  • Caitlin
    Feb 17

    We have Gerber for our kid... and we don’t have it in case they pass away (God forbid). We have it so they will be able to take it over when they’re old enough. Your kids will be able to muddle through college (loans, y’all) if you end up not being able to put away money for that, but life insurance policies are expensive and being pushed to the side as kids grow up now. We don’t want our kid to have to worry about it as much when they get older, we want them to already have that plan set up.

  • Joann
    Apr 26

    It’s smart to get it now for a couple reasons — God forbid they pass away. It’s hard to think about but I’ve watched a friend live through it and it does happen. The second reason is if they become uninsurable for whatever reason, I had another friend whose child developed cancer and it’s going to be hard for them to obtain insurance on her for awhile now and if they do in the future it may be more costly and lastly I have a policy that my parents purchased on me ages ago that’s super cheap, I took over the payments on it and it just adds to my coverage for my family now. You are guaranteeing that your grandkids will have an insurance policy in case anything happens to their parent. (Assuming someone continues the payments)