Why Should I Get Life Insurance For My Baby?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaSome advisers suggest that securing coverage when your child is young and healthy can lock in coverage for the future. Others suggest using permanent cash value life insurance for college funding, even long term retirement savings. But keep in mind most carriers take a dim view of parents applying for life insurance on their children without meaningful coverage on themselves.Answered on August 4, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Getting life insurance for your baby will ensure that your young adult child is able to have life insurance. You can either purchase a Whole Life policy for your baby, or else add your baby to your policy on a child rider. You can cover all children with one child rider at a very low price. If death would occur, it would pay the benefit. But also, it allows each child to convert that rider to a permanent policy when they become adults, whether or not they are able to be insured for medical reasons.Answered on September 5, 2013flag this answer
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