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Started By
Message
Newborn life insurance
Posted on 4/29/19 at 4:48 pm
Posted on 4/29/19 at 4:48 pm
I know it is super cheap to get life insurance on a newborn. What company should I be looking into? Got something from Gerber in the mail which sparked my curiosity
10
Posted on 4/29/19 at 4:57 pm to TigerTatorTots
Why would you need life insurance on a newborn?
Posted on 4/29/19 at 5:00 pm to TigerTatorTots
I added a child term rider to my policy. Covers multiple kids.
Posted on 4/29/19 at 5:06 pm to Spock
Why not?
Posted on 4/29/19 at 5:30 pm to TigerTatorTots
Because its not free? I'm sure its very cheap but that money would be way better spent in a 529.
Posted on 4/29/19 at 5:37 pm to Spock
$100 a year for $25k coverage is a drop in the bucket and won't affect 529 contributions
Posted on 4/29/19 at 7:02 pm to TigerTatorTots
We purchased it. Not something you really want to think about, but financially protects you if your child has long term medical bills/funeral expenses.
Finances should not have to be a worry when dealing with something so traumatic
Finances should not have to be a worry when dealing with something so traumatic
Posted on 4/29/19 at 8:29 pm to Spock
Because children die all the fricking time. I actually get pissed every time a kid dies and the family sets up a gofundme for the funeral costs.
I’m terribly sorry for their loss and I pray I never know what that feels like but frick no I’m not helping you pay for their funeral because you thought life insurance on a kid was a dumb idea.
I’m terribly sorry for their loss and I pray I never know what that feels like but frick no I’m not helping you pay for their funeral because you thought life insurance on a kid was a dumb idea.
This post was edited on 4/29/19 at 8:30 pm
Posted on 4/29/19 at 9:11 pm to TDsngumbo
Not sure why so many downvotes but people don't take the time to explain why
Posted on 4/29/19 at 9:20 pm to TigerTatorTots
quote:
Not sure why so many downvotes but people don't take the time to explain why
Because it's a poor whole-life product. You take out life insurance to cover lost income of the individual. If you're hell bent on making sure their burial expenses are covered, most term policies for an adult will allow you to add a child rider for pennies compared to the gerber policy.
Posted on 4/29/19 at 9:24 pm to TigerTatorTots
How much income will the newborn be bringing in? Get 8 to 12 times of that.
Posted on 4/29/19 at 9:39 pm to MoneyTime
We purchased it. Not something you really want to think about, but financially protects you if your child has long term medical bills/funeral expenses.
-----
Sounds like you ran into a good salesman.
I would not buy it. The chances of a newborn dying are very remote. But if it gives you peace of mind.....
-----
Sounds like you ran into a good salesman.
I would not buy it. The chances of a newborn dying are very remote. But if it gives you peace of mind.....
Posted on 4/29/19 at 9:42 pm to Spock
quote:
Why would you need life insurance on a newborn?
If I’m not mistaken, you can borrow against the 10 pay whole life or whatever juvenile policy for school at low/no interest.
Posted on 4/29/19 at 9:44 pm to BamaCoaster
"you can borrow against the 10 pay whole life or whatever juvenile policy for school at low/no interest."
Great! Paying interest to borrow your own money.
Great! Paying interest to borrow your own money.
Posted on 4/29/19 at 9:55 pm to ItzMe1972
quote:
Great! Paying interest to borrow your own money.
I’m not trying to sell it, but for a $25k WL 10 pay, you’ll invest like $9k.
So, for $9k you’ll have $25k in death benefits and borrowing opportunities.
Posted on 4/29/19 at 10:01 pm to BamaCoaster
quote:
So, for $9k you’ll have $25k in death benefits and borrowing opportunities.
Or you could just put the $75/mo into a 529 for the 10 years. In 18 years at a 6% return, you've got $20k.
Posted on 4/29/19 at 10:32 pm to TigerTatorTots
I know a guy...
Posted on 4/30/19 at 6:55 am to Golfer
quote:
Or you could just put the $75/mo into a 529 for the 10 years. In 18 years at a 6% return, you've got $20k.
So 5k less
Posted on 4/30/19 at 7:44 am to TigerTatorTots
quote:
Not sure why so many downvotes but people don't take the time to explain why
The Yuckiness of Gerber Life Insurance
quote:
Parents would be better off putting that $86.64 a year in an emergency savings account or, if they’re saving for college, turning to a more appropriate instrument like a state-sponsored college 529 account. Heck, parents would be better off sticking the money in a mattress. After 15 years, the cash value of the mattress would be larger than the cash value of the Gerber Life Grow-Up Plan.
quote:
Not surprisingly, it’s all but impossible to find a personal finance type willing to say a good word about children’s life insurance, no matter which company offers it. Dave Ramsey calls the Grow-Up Plan the “Gerber Life Throw Up Plan.” It makes regular appearances in MarketWatch investment writer Chuck Jaffe’s long-running feature, “Stupid Investment of the Week.” Juvenile life insurance is so unnecessary that even the insurance industry doesn’t always speak up for it. “The case for it is not very strong,” admits Steven Weisbart, a senior vice president and chief economist at the Insurance Information Institute, an industry trade group.
Posted on 4/30/19 at 8:07 am to Mr.Perfect
quote:
So 5k less
No. $11k more.
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