Children’s Life Insurance

Back in the day (the 90s) my parents paid about $10 a month for my life insurance and I recently received a letter saying I'm covered for $75,000. I'm sure the rates are different now but if they're anything similar then I would say yes it's worth it. I have life insurance for my babies through my employer who offers amazing benefits but it only covers $5,000 for each child. Although I do only pay $0.66 a month for it.

Yes it's worth it!

From what I’ve read, most people treat that like an investment (for college or similar needs), when in reality there are usually more lucrative ways to invest your money long-term than in the grow-up-plan. HOWEVER I think that it is very beneficial for parents of special needs children, or children with a disability who may not be eligible for a traditional life insurance policies. So I do think that it can be “worth it” for some people, but not everyone. You really need to look at your family and circumstances and talk with a financial advisor or insurance broker. ETA: Even high yield savings accounts or CDs don’t hold a candle to other investment opportunities. If you’re serious about making it saving money, diversify your investments. Look into your state’s 529 plans, research mutual funds, etc.

As a life insurance policy, it’s not necessary as only people with dependents need life insurance. As an investment vehicle, there are better investments with higher yields. A 529 for college or a mutual fund that you put $ into monthly with even a modest growth track record would be better.

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Yes but a fully funded emergency fund can replace the need for this type of insurance and can be used for other emergencies, God forbid something happen. This type of insurance can only be used for one thing. But, of course, to each his own and whatever gives peace of mind 😊

Not. True. Everyone with loved ones needs life insurance. At minimum the policy should cover the cost of a funeral (unless you think every family that loses a child should be relying on GoFundMe?). Ideally it would also be enough to cover some time off work so parents can take bereavement time without taking a financial hit.

I never did a life insurance plan for my kids I just opened a children's CD for both of them and when they turn 18 it flips over to an adult CD which I believe will have a larger interest rate by the time they are 25 they should be set for life

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Certificate of deposit

What is that?

I have a grow up plan for each of my children.

An I29 savings plan is so much better and you get a tax break on it. My husbands a financial planner and he says the Gerber plans are kinda worthless unless you put a lot of money in them. They also have some loop holes where the money you put it in you could loose access too.

I don't have life insurance,but I am looking for a good deal tho

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Primerica has some really great offers. You should look into them.

Thank you Hayley,I will have a look tomorrow

I have insurance policy for my kids at the max amount they can be insured for through my work along with having a good amount for myself and their dad. (My work pays for a complimentary $25k in life) I hiked mine up to 100k, have 10k on each of my kids and $50k on their dad. My personal reason for having this coverage through my work is because all of that coverage cost my $8/check and if anything happens to my kids I want to be able to burry them and grieve for a bit without having to work. I am also the only one supporting a household of 4 living paycheck to paycheck (if it even stretches that far) I don’t have any financial background so I don’t know about all of the other options people are discussing but I remember thinking there was too much Mumbo jumbo going on for the Gerber Life to make sense to my mind so I always ignored it. I never thought about having a savings accounts or whatever else (that I’m uneducated about) for my kids

I would just set up a savings account instead, that way no matter what they’ll have money.

https://www.investopedia.com/articles/investing/101315/gerber-growup-plan-worth-it.asp Heres a good article on it. From my experience and research “whole life” plans are not ideal investments. I have 529 plans and a stocked emergency fund which would cover any emergency costs.

I think they are great ideas but a little expensive

Find your local Woodmen Life representative. They have the best plans and they're a non-profit and do a lot of amazing things for the community.

If anybody need helps on insurance, I can definitely help you since that’s what I do for a living lol I don’t mind answering any questions you may have to clarify. I just don’t want y’all to end up thinking something is a great deal and end up with the short end of the stick. There are basically 2 types of life insurance: TERM & WHOLE. More than likely if you’re paying less than 50$ a month, you have a TERM life insurance policy which means it will end once the TERM is over. WHOLE life means than once the set amount of time you agreed to pay is over, you still have the policy for your WHOLE life. Anywho, anyone looking for help just dm me! I’m always happy to help a fellow momma!

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FOR SURE THOUGH.. always go with a company that can be there for you. If you need help on knowing, let me know. NOT trying to sell to you guys, just don’t want anyone to be cheated.

Gerber Grow Up pissed me off. First I was roped in with a "free 30 day look through". To me, that implies I get to explore the plan for 30 days for free. No. What they actually meant is we're gonna charge you and you have 30 days to cancel. That to me is more of a "30 day money back, guarantee" Then when I tried to cancel the policy, I got a recording through their phone number of "we're busy taking calls so your call cannot be completed" then it hung up. There was NO WAY to Facebook them to cancel my policy. In fact, it took me posting a message eerily similar to this on FB for Gerber to finally contact me and allow me to cancel my policy.

I have my life licensed for Texas and would love to help you find a plan for your family. Feel free to message me if you would like help or have any questions.

Hi I’m a licensed life agent/finance educator. Financial literacy is important for everyone to learn esp so we can pass that on to our children. It is important to know how money works, how money grows and how these accounts are taxed. I can explain all these options: 529, life insurance, savings, etc so you can have a better idea what fits your financial needs and goals as a family at no obligation.

I have experience with Gerber and I am a life insurance agent for another company. Connect and I will help.