Announcement

Collapse
No announcement yet.

Life insurance for babies?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    My last line of needing a husbands of PMG was meant as a joke.  I am too busy trying to get my wife off of PMG so we can go out and do something more productive

    Comment


    • #17




      This is the insurance companies’ ‘Friends & Family’ business model isn’t it?  Just say NO!! Diplomatically of course.  And I wouldn’t suggest that the MIL buy a policy – I would suggest a 529 as per WCI.
      Click to expand...


      It's like Herbalife for insurance!

      Comment


      • #18




        I would definitely take a pass.

        Your son relies on you and not the other way around.

        Unless you are concerned about a future insurability issue, your money is better spent elsewhere.


        Even that issue is nonsense. I mean, what is the need for insurance among a 30 year old? $500K? $1M? $3M? Even a $100K policy  bought at a 1 year old is totally inadequate. Now, if you could buy some policy with a huge future purchase option or something, I could understand how some people might want to lock in future insurability. But not this.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

        Comment


        • #19
          I don't agree with it, but it is a reason and wanted to bring it up nonetheless to give him a reason as to why his Mother-In-Law might be pushing for it. I don't have life insurance on my kids and I'm an agent. Using Guardian as an example, they can't even qualify for the best underwriting classification until age 18 on Whole Life and can't buy term until age 20.
          Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
          www.physicianfinancialservices.com

          Comment


          • #20




            My last line of needing a husbands of PMG was meant as a joke.  I am too busy trying to get my wife off of PMG so we can go out and do something more productive
            Click to expand...


            Well... https://www.facebook.com/groups/dadsmarriedtodoctors/ it exists.

            You mean you don't want to use a bunch of Dagne Dovers and Insta-pots as an insurance policy?

            Thanks for all the input, folks.  I really appreciate it.

            Comment


            • #21




              I don’t agree with it, but it is a reason and wanted to bring it up nonetheless to give him a reason as to why his Mother-In-Law might be pushing for it. I don’t have life insurance on my kids and I’m an agent. Using Guardian as an example, they can’t even qualify for the best underwriting classification until age 18 on Whole Life and can’t buy term until age 20.
              Click to expand...


              That's interesting. You can't even buy term as a kid. Cause it could make sense to buy a 30 year level term or an ART on a 10 year old or something to preserve insurability.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

              Comment


              • #22
                Johanna said it best in the first reply.  If your mother in law thinks it's that important, she should buy the policy herself!

                Best strategy for you is to avoid the topic as best as you can.

                Comment


                • #23







                  My mother-in-law who sells insurance tells me that our healthy 15 month-old son should have a life insurance policy.

                  Is this just a case of someone who sells a product trying to sell a product, or is this commonly done?  I’d be a lot more inclined to believe her if she hadn’t tried to sell us a whole life policy…and getting a term policy on a healthy toddler has an extremely low likelihood of being needed.  I know I’d get more for him by putting the money elsewhere.
                  Click to expand…


                  No no no. Don’t buy insurance from people who don’t recognize what insurance is for. Don’t buy insurance from family members. Don’t buy insurance from people who push whole life.

                  I mean, if you can’t afford to bury him, sure, buy a $10K policy. But for most of us, if our kids died our need for income would go down. I wish I could get someone to submit a guest post advocating insurance for kids. That would be a very easy Pro/Con to do!

                  If you want to put money away for your kid, I’d do one of the following:

                  1) Roth IRA for earned income for their retirement

                  2) 529 for college money you want to maintain control over

                  3) UGMA/UTMA for money you want them to have at 18/21 for whatever they want but that you want out of your estate and want to take advantage of their lower tax rates with.
                  Click to expand...


                  Ha ha. I went to go write a post on this and realized I already did! It runs in January.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

                  Comment


                  • #24
                    Pass.

                    I made the early mistake of buying insurance from my father-in-law, variable universal life, before I knew better. Even in retrospect, it would be hard to turn away the well-intentioned man, but I might invoke the "rule" that I do not mix business with family.

                    Comment


                    • #25
                      I agree with the comments above.  I would not buy/recommend a life insurance policy for a child if the parents can afford to bury the child.  Unfortunately some family dynamics make this "No" a little more difficult.

                      Comment

                      Working...
                      X