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Children's Life Insurance

May 25th, 2006 at 11:04 am

I've argued in the past that I think that children's life insurance is something that the vast majority of people don't need and certainly one to place in the worst investment category. Every time I bring up this topic, there are always some that vehemently disagree with me on the topic.

If you still believe that you need children's life insurance even after my arguments, getting a policy for the child is still likely the wrong thing to do. Instead, a less expensive alternative is to purchase a child rider for your existing life insurance:

Most experts agree that purchasing a child rider for your existing life insurance is a much better solution (than buying children's life insurance). A rider is an extension that you can add to the other coverages listed in your policy. Purchasing a child rider is typically cheaper and will help cover funeral costs if the unexpected happens.

While I still think child life insurance is a poor use of money, if you do decide after doing the research to go that way, be sure to evaluate whether or not a child rider is a better alternative.

1 Responses to “Children's Life Insurance”

  1. LuckyRobin Says:

    We have child riders on my term life insurance. It adds a little over a dollar a month per child and covers the amount it would cost to bury or cremate a child if they should die. Our agent reccommeded this if it would be a burden to come up with the $5000 it costs to cremate remains. He was quite clear that unless a child generates income that would be seen as a loss to the family (like a child actor or something) it was stupid for kids to have their own policies. I found his attitude quite refreshing for an insurance agent.

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