children's life insurance?

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Amy_&_Eva's picture
Joined: 08/23/07
Posts: 2378
children's life insurance?

Hi everyone, what's new? I have been wondering if any of you have started anything such as the Gerber Grow-up Plan or Globe Life children's life insurance plan for your little ones? I would like to start one for Eva but have no idea what the best plan would be to use. They all sound good, but I usually hear that whole life is NOT good, and to get term life instead...unless that only applies to my own life insurance?

Any suggestions would be appreciated! Smile

Joined: 09/14/03
Posts: 19

Yes we have Gerber life insurance for our kids, we are happy with it as it is a low fee.

They do have a Gerber college plan but it is quite expensive.

elizamommy's picture
Joined: 04/07/10
Posts: 84

Nope. I don't need money if my little one dies. I don't even want to think about that. We are not in favor of an expensive burial anyway so that cost is not an issue. The whole idea just creeps me out. My hubby and I have life insurance for each other because, if one dies, the other will need money to hire help, pay bills, etc. If we both die, the kids caretaker will need money to help offset the new costs of taking care of two more kids. If my kids die, I don't need money! Just creepy, imo.

I would invest in a college fund, instead.

Amy_&_Eva's picture
Joined: 08/23/07
Posts: 2378

Kathy, obviously yes that is creepy and that's not what I was referring to, sorry if it was confusing, there are a couple plans I've seen in the mail that you pay a couple dollars per month and your child has a certain amount of funded coverage they can use toward college/getting started life expenses, if I understand it right....

Joined: 10/16/06
Posts: 26

Amy, have you made any decisions in terms of the life insurance? I will PM you on FB as well. That is actually what I do for a living and can give you the pros/cons of it. I have a policy for Caitlin.

Term insurance for kids is really not an option, I would say 99% of insurance companies dont actually even offer a term policy for kids. Term is what adults look at because its a cheaper option where you can get a higher amount of coverage to protect yourself and your family.

With the whole life insurance, you need to look at the company itself and the returns the policies will be earning. There are a lot of policies that are garbage, and will not perform as they are illustrated. Again, I will write you on FB. I just happened to pop on here today Smile

Amy_&_Eva's picture
Joined: 08/23/07
Posts: 2378

Thanks I appreciate the info!! I had not yet decided on anything. I also answered you at the private Buds forum.

Joined: 01/28/03
Posts: 105

Melanie I'd love to hear more too if you're so inclined!

Amy_&_Eva's picture
Joined: 08/23/07
Posts: 2378

Hi Melanie, I had messaged you my email address, did you get it? Smile