Is Whole Life Insurance For Kids A Good Idea?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Some whole life representatives espouse this product for children to "lock in" insurability of the child for future coverage needs. This is especially true for family's with a predisposition to sickness. Other representatives suggest using whole life as a savings vehicle for the child's college education and retirement plan.
    Answered on August 2, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    In my opinion, Whole Life for kids is a good idea if you pay up the policy before they become adults. Otherwise, hang onto the policy and keep paying the premiums yourself, or you may find that your cash strapped young adult may cash in the policy you worked so hard to procure for them.
    Answered on December 5, 2013
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