Life insurance for kids

For Your Kid to Really Succeed They Need This, MetLife

One essential parenting practice As parents, we want to figure it all out when it comes to caring for our kids — and for the most part, we do. Despite our hectic lives and busy work schedules, studies show that parents today spend more time with their kids than they did 50 years ago. Our relentless efforts get us labeled as helicopter parents and tigers, but it’s all worth it at the end of the day because our kids are better off than generations before … aren’t they? Well, it’s complicated. While our short-term efforts might be focused and supportive, it’s the long-term planning where we are falling short. Parenting Truth #1: We’re overlooking an essential aspect of preparing our children...

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Should You Buy Life Insurance for Children?, Haven Life

Every parent wants to protect their children. So it makes sense that they would consider taking out a life insurance policy on their kids. But it may not be the most suitable financial move in this situation. The primary purpose for buying life insurance is the need for a death benefit. For example, as a means to provide financial protection for the dependents named as beneficiaries if the breadwinner passes away unexpectedly. Before you become the policyholder of a child life insurance policy, learn what two Certified Financial Planner™ professionals have to say about buying life insurance for children — and ask yourself whether it’s really worth it, or whether there may be other ways to...

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How I want my kids to spend my life insurance money if they get it - Business Insider

A white circle with a black border surrounding a chevron pointing up. It indicates 'click here to go back to the top of the page.' I hope I outlive my life insurance policy, but if my kids ever get that money I know exactly how I want them to spend it Three evenly spaced dots forming an ellipsis: "...". Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. The author is not pictured. Paco Navarro/Getty Images Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations...

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Little Benefit in Kids Life Insurance - Los Angeles Times

Little Benefit in Kids’ Life Insurance If you have small children, chances are you’ve received a pitch from Globe Life & Accident Co. of Oklahoma City. The 43-year-old insurer sells what it calls the “Young American Plan,” life insurance for healthy people up to age 25. The pitch hits all the right buttons. A few choice phrases: “Make their future secure” and “Start an estate for them.” It’s easy to forget that the chief purpose of life insurance is to provide for dependents. Children don’t need life insurance. Globe isn’t the only insurance company selling policies for kids. Nonetheless, its offer illustrates how consumers are often at a disadvantage when trying to assess the worth...

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How Ulips can help you save for your child s future - The Financial Express

The biggest USP of ULIP-based child plans is that there is no capping on the maximum deposit amount in a year. Becoming a parent is the most life-changing event that many people experience. You are suddenly not just responsible for yourself, but also for another life who depends on you for everything. When getting ready to embark on this exciting new adventure, preparation is key. Both before the baby arrives and in the weeks after, it’s especially helpful to be ready for the financial changes to come. It’s estimated that total child-raising expenses from birth to age 21 for a middle-income Indian family are very high. Although the range of expenses across families is wide, the truth is...

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Ask an Expert: Life Insurance for Kids? - Smarty Cents

Ask an Expert: Life Insurance for Kids? By Kirk Gwaltney, CLU, ChFC Dear Kirk: My friend has life insurance policies on her kids, but I don’t understand why. If they were to die, it’s not like they’re contributing to the household income. What am I missing? Should I have a policy on my child? Kirk Says: This is a question that I receive all the time from my clients that have young children. One of the driving forces behind this question is fear—fear that if I take out a policy on my child, then I am pre-destined to have something catastrophic happen to them. This is an emotional topic because, as parents, we cannot even imagine having one of our kids pass away before us....

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Nominating a minor as a beneficiary on a life insurance policy - COVER Publications

Nominating a minor as a beneficiary on a life insurance policy It is trite law that a person can nominate a minor as a beneficiary on a life insurance policy. Remember, the minor will not be regarded as a party to the contract (i.e. the policy) between the policyholder and the insurer. The issue of contractual capacity, which is required for a contract to be considered valid and binding in South Africa, thus doesn’t come into play. Contractual capacity refers to the legal capacity of an individual to enter into valid agreements. The true nature of a beneficiary nomination on a life insurance policy is that of a stipulatio alteri. The common law principle of stipulatio alteri refers to a...

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I don’t have kids, I’m not married - do I really need life insurance? , This is Money

I don't have children, I'm not married and my flat could just be sold if I die - so do I really need life insurance? I don't have children, I'm not married and if I die, my parents would just sell my flat to repay the mortgage. My mortgage broker tells me I need life insurance, but what for? Is he right or is this about him earning more money? Phil Jeynes, sales director at insurance comparison firm UnderwriteMe, replies: Typically, life insurance for single people without dependants shouldn't be the main priority. As you say, your parents would sell your flat and nobody else would be financially worse off. However, given the often low costs of life insurance - particularly for young...

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Grow-up insurance for kids makes little sense - MarketWatch

BOSTON (MarketWatch) — Eight years ago, as the Stupid Investment of the Week column was about to debut and I was looking at a mountain of ideas, I called after I saw an insurance plan for children being advertised on television. This week, the company involved sent me more paperwork on the exact same plan, hoping again that I would take advantage of the chance to protect my kids. The big difference is that my children, now 19 and 17, are too old for the Gerber Grow-Up Plan. But the sales pitch is the same, unrelenting stuff that the company has been sending periodically ever since that first inquiry. And the coverage is the same. And the results are the same too, which is why the Gerber...

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Juvenile Life Insurance: Should It Even Exist? - ValuePenguin

Prince McLeod Rams was only 15 months old when he was killed by his father. Joaquin Rams had obtained more than $500,000 of insurance on the life of his son in a premeditated plot to make a profit off of the child's death. Though uncommon, this tragic scheme has been carried out several times before, prompting some to call for stricter regulations on how juvenile life insurance is sold. So far, not many states have taken action. Most states enforce "insurable interest" laws, which draw rough lines around who you're allowed to insure—and the maximum limits of those policies—but these laws do little to address the misuse of juvenile life insurance. However, last month, Maryland joined New...

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