My Insurance Haven Everything you want to know about insurance

1. 

   psycmikev
   April 27th, 2011 - 21:03

   No, your correct. The only real reason is so that is there is a death, the policy, normally $ 5000.00 will cover the related funeral expenses. Sometimes, the children will continue to carry the insurance, but normally it ends at 18 or 21.
2. 

   Sarah
   April 27th, 2011 - 21:03

   Actually, there is another reason besides funeral expenses…if you develop a health condition at a later age and have had a policy since you were a kid you don’t have to worry about finding someone who will insure you when you are older.
3. 

   MW&M (Miss *Delaney* 3 y/o Diva)
   April 27th, 2011 - 21:52

   When a family doesn’t have money to pay for service at a funeral home, i.e. preparing the body, plot for a burial, urn for a cremation, funeral service, taxes, etc. then YES it helps.

   Also if the child died in an accident or was medically treated, life insurance can go to help pay off any medical debt, esp if the parents had no medical insurance, or had a crappy medical insurance like an HMO.

   I know it’s “morbid” to think of taking a policy out on your own kids, but things happen. My cousin’s little girl passed away from Leukemia 4 years ago. she was a single mother working a part-time job and going to school full-time after her husband abandoned her & her daughter. if she hadn’t had life insurance on her daughter she wouldn’t have been able to take care of the funeral arrangements or medical bills.
4. 

   Ashley ♥Aislings Mum♥ {09.25.08}
   April 27th, 2011 - 21:57

   My 9 month old daughter has life insurance. I don’t remember how much her policy is right now though, I’d have to track down the contract.
   I got it in case something were to unfortunately happen to her so we could cover funeral costs. It felt really morbid getting her life insurance, I’ve had her insured since she was 2 months old.
   I got her a 20 year policy so when she turns 20, she can decide if she wants to stick with the company I chose or if she wants a different company or even a different policy with the same company.

   So basically, life insurance on a child is to ensure that the family will have the money for a funeral and burial and everything if something were to happen.

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