Life Insurance?

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darkknight

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I know there are allot of people with kids in this forums. So what do you guys think about life insurance for your kids. I got insurance for my son in the military and for my civilian job. I also got State Farm Life Insurance on the side but don't know if I should keep it. To think about it, it is like a gamble. Any input is appreciated.
 
I have a rather large policy for both my wife and I, and after the multi-line discount on my auto, home, etc it is essentially a wash.
 
Funny this thread was created today. A buddy of mine sells Life Insurance and had a nice chat with him. I have a 4 year old and it's time I jump on a nice policy.

 
My son is 2 years old and I got it before he turned one. The thing that concerns me is that HE WILL OUT LIVE ME! So it makes me thinking if I should continue to pay for the policy.
 
The thing is, with kids, it's horrible to think you'll ever have to use it, BUT, if something horrible did happen, could you afford a nice funeral? Could you afford your missed time from work? Could your child use this policy for his/her self when he/she comes of age?

It's not a pleasant thing to think about, but that's life.
 
Yes, you should have it. I never wish anyone to have to use it but to take care of all the little things and to know it's there. You should also have one at least 10x your yearly $. I want my wife and kids to be taken care of.
 
I'm certainly not suggesting that I'm right, but it's my personal opinion---

Save the money and put it in a low-risk mutual fund or something. It's a risk, hell you might die tomorrow, but the odds are you won't.

Insurance (health and life) are often a hose-job, and until the government stops taking kick-backs and regulates them with stringent laws they'll never be worth a damn.

However if you do go through with---stay as far away from State Farm as you can.
 
I would look at a whole life policy with a children's term rider. This covers you child for a specific amount of time and later if he or she wishes they can convert it into a term policy at a certain age (18-21 check with your state.The rates should only be based on the number of children you have not their ages. When your children reach the maximum age and choose to convert their policy they will not have to prove insurability. I would definitely call an agent with your questions.

and before anyone says anything, yes I am training to be an insurance agent. But I felt I could help a brother out.
 
i have a life policy thru my job and i've been thinking about getting one for my wife and kids but i've been putting it off. anyone have those gerber life insurance for your kids? and if so can you tell me how it works? thanks
 
just got married so I'll up my insurance now on myself. i'll also pick the wifey up a policy but when/if we have kids I won't be getting a policy for them, they wouldn't have any income I would need to replace, no debts i would need to pay and i'd just pay for the funeral out of my own pocket. every married person needs insurance at least during the years when they would need it the most if one of them died....term and or whole life isn't very expensive and investing the money that would go to the premium wouldn't give a family the money they would need if one of the breadwinners died.
 
i have a life policy thru my job and i've been thinking about getting one for my wife and kids but i've been putting it off. anyone have those gerber life insurance for your kids? and if so can you tell me how it works? thanks

we have that for our son, We pay $15 a month for $15,000 benefit. When he turns 18 it doubles in value and converts to a policy for him, with the same rate, or he can cash it in for the amount of the premiums paid, and use it for college.
 
I pay about $215 a year for $25,000 benefit for my son. After 5 years the money I put in appreciates, and it depends on how the economy is. I go through State Farm. Does anyone recommends another Insurance Company? I was looking at USAA and may also want to look at that Gerber Life.
 
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