Do Your Children Need Life Insurance?

My father was an insurance salesman before becoming a financial planner. Therefore, it was clear that Dad had some pretty strong views on insurance in general and life insurance in particular. He didn't hesitate to voice such thoughts to his daughter, who served as a captive audience.

Even though I heard Dad speak (and yell!) on a variety of money-related topics, his opinion on kid life insurance was the one that stayed with me the most.

He repeatedly warned me, "There is no reason whatsoever to ever buy such a product." "Life insurance replaces lost income. Children's policies are morbid.

Although Dad was eager to concede that his own superstitions about tempting your children's fate added to his dislike for the goods, he was also ready to admit that part of his resistance to life insurance for kids derived from the exploitative methods you can discover among dishonest insurance salespeople.

Even though my dear old Dad was generally right, I have learned to respect children's life insurance much more than he did. Here are some strong reasons to think twice before buying your child life insurance.

Do Your Children Need Life Insurance?

It's up to you if you decide to purchase life insurance for your children.

My two sons are still uninsured despite my about-face on child life insurance. My father's superstition about tempting fate has persisted with me, and my husband and I are fortunate to be in a financial position where we could absorb the financial costs if something bad should happen. My main worry is that one of my children will get a diagnosis that disqualifies them from future insurance coverage. However, we have made the decision to accept that risk.

All parents should carefully consider the repercussions of either purchasing or not purchasing life insurance for their children. Though unpleasant, it is a necessary train of thought. Whatever you decide, making a well-informed choice will help you do what's best for your family.

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