Pretty morbid (but practical) question. Do you have life insurance or death benefits for your children? Basically, something to cover funeral expenses in the event of a (god forbid) untimely death? We do not but I'm trying to tackle some unpleasant tasks this fall and I feel like this is something we should do 
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Yes, I have a small life insurance policy on my kiddos. It's offered through my work and allows for $10K per child. And it's ridiculously cheap. I've not priced it privately.
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Yes, we have a $25,000 whole life policy for our daughter. I don't remember how much we pay each year, but the value increases as each year goes by and will actually provide her some funds for college, if she so wants it (she can cash out a part of it).
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No, we do not (at least not yet). DH's work offers it and it is cheap but something about it just bugged me. It covered 10k, I think, and we have more than that in savings for LO between her college fund and savings account already so I feel like if something were to happen, we'd just use that money. Maybe I'll re-think it next year when we have 2 kids. I don't know why it bothers me so much. DH and I both have life insurance and my parents had it on me when I was a kid.
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I need to look into this too. I think another thing to consider is if (heaven forbid) you lost your child there's a very good chance you'd not only have funeral costs but lost wages, therapy bills for yourself and your spouse and quite possibly significant medical bills.
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Yes, though work. Can't remember offhand whether it's $10k or $25k. It's kind of a morbid thought but I think it's a good idea for all the reasons @Cole: listed. I can't imagine not having a long leave of absence and other medical bills in the horrific event LO passed away.
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I actually didn't know this was something people did. Is it just to cover funeral expenses of they die?
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Yes, through DH's work. We pay less than $1 per paycheck and it covers $10K for me and $5K for LO. I have a separate life insurance policy for myself through a private company.
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@Cole: yeah that's the thing too. there are other ancillary expenses to consider. so depressing to even think about!
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Yes we have a life insurance for DH, me, and LO. DH and I both have additional ones through work, but they aren't much.
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I do. Yes it is morbid, but think of it as an investment. The policy is something I will pass along to them in 20ish years and will protect them as adults for their own families. The younger you are when you start a whole life policy the cheaper the annual premiums are FOREVER. So I'm saving them money down the line!
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No, we don't have that type of insurance on her and don't plan to. If our baby dies, we will have the means to cover whatever it costs to bury her properly and with respect and love.
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We both have life insurance .....DH obviously with his job his is high risk and a huge payout, but mine is $15,000
We also have $10,000 on G! -
Yes!
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We do. DH's work offers a $10k policy and it was cheap.
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Yep, just got it done earlier this year. We're keeping it for 20 years I think and then we decided children would be old enough that they would be fending for themselves or starting to.
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I have policies on DH and I, but not on the kids (yet). We've considered it, but decided against it. Will reconsider when it comes up again.
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@Cole: I never even thought of those others things to consider - only the burial.... guess I should look into this!
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I don't think we do for LO. I guess I should look into it. sigh.
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Ugh not yet. We've been meaning to do it for four years, when we first had our twins but four years later, we still haven't gotten around To doing it.
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No and we don't plan to. We could afford the burial and lost work time. A coworker lost a child recently and my typically stingy company was pretty generous with leave.
I might feel differently if I we were one income or self employed. My cousin passed in a DUI car accident. Her dad was self employed so all the time he took to grieve and attend the trial hit them pretty hard financially.
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Yes, my dad actually got us the policies. Apparently my dad still pays for the policy they took out for me as a baby too.
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Yes, it's in the package I'm offered through work.
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No, but we plan on it
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Yes through DH open enrollment 10k I think.
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My parents each had one for me so I assumed I would do the same but our insurance guy really didn't see a need for us to do it. He's a close family friend who I trust. He based it on our overall financial/insurance situation so we could always change our minds later.
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Yes just a small policy through work.
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We put a rider on our life insurance policies--our agent suggested it because it meant they couldn't be denied coverage as they got older because they end up with some chronic condition. Or something like that. It's fuzzy... The amount is small, as is the cost.
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No. We should be able to take care of any expenses that may occur.
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Not right now but I have been thinking about it. A friends 3 year old was diagnosed with brain cancer, and they luckily already had a policy on him because their broker told them that now it would be impossible for him to get decent coverage even as an adult (if he beats the brain cancer) due to his medical history. So their foresight could mean that he has life insurance that he otherwise would never have qualified for it was leftbubtil he was older.
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Yup. $25K through work. Hubs and I have $500k policies each.
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No, nothing to cover kids.
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We have $10K policies on both kids through work. It's something like a $1-2/month/kid. I think it's a smart thing to do. I don't want to have to worry about having to go back to work right away so we don't lose our house on top of losing one of our kids.
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Yes, we have 10K on each child, it's actually something my parents do for us through a program they get for a very low cost (I think it's through AARP but I could be wrong.) It's morbid, but at least if something God forbid would happen, we would not be paying out of our savings to bury our child and/or loss wages.
my in laws still have a policy on DH they've had since he was a kid. They've offered us to pay it out but it didn't seem worth it for the amount we would get. WE do have life insurance on both of us as well at a significantly higher cost, to cover the house/ect.
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My mom just opened a whole life insurance policy for LO. She said she plans to do this with all grandkids. It's 25k whole life. She plans on paying all the premiums until, well.....she dies..
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We don't, but don't have a good option for it through DH's work so not sure what pricing is elsewhere. We also don't have any for me and we've been meaning to take care of that and this thread makes me think we need to make looking into this a priority.
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36 comments