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 Posted: Wed Nov 26, 2008 1:15 pm Post subject: Will it be possible to have insurance for babies? |
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 Here in india person who is less than 7 yrs old is insured but he is not entitled to the sum assured but only for fund value.what is the scenario over there? 
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ensurepune
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| Posted: Wed Nov 26, 2008 1:24 pm Post subject: |
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you can get life policys on babys from about 10 days old i think..i had them on my children as well as my grandchildren.
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Lori
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| Posted: Wed Nov 26, 2008 2:16 pm Post subject: Life Insurance for Babies |
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Yes, there are life insurance plans for babies in the U.S.
The Gerber Life plan for children starts when the child is 14 days old.
Globe Life also offers life insurance for kids, but I am not certain what age the plan starts at, but you may be able to get coverage for infants.
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Hadley
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| Posted: Thu Nov 27, 2008 6:02 am Post subject: |
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Life policies may be available on kids even at young age, but its always not a great idea to purchase a life plan on the kid. The life policies don't generate as much return as they promise. The administrative costs are so high that very little is left towards the cash value accumulation. And I'm certain that no one wants to be rich from his/her child's death.
Another factor is the inflation rate. Hence, the educational course that you desire your child to pursue in her future may cost more than the saving amount.
There are various other alternatives of saving is available if you're really keen to create asset for your children.
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sunshinechild
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| Posted: Thu Nov 27, 2008 6:31 am Post subject: |
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| Quote: | | you can get life policys on babys from about 10 days old i think..i had them on my children as well as my grandchildren. |
How was that helpful lori? Did you get the return you have expected to get out of those plans?
Friends, I'm not in against of purchasing life policies on kids, but insuring the child is more of a personal/emotional issue rather than a financial one. The purpose of buying a life policy is to compensate the financial loss at the event of the death of the breadwinner of the family and the child (in most cases) doesn't play this role in many household. Hence, its more important that the breadwinner purchase enough coverage on himself/herself that would cover the future expenses of the family. |
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simon
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| Posted: Thu Nov 27, 2008 12:38 pm Post subject: |
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I do agree that nobody has the intetion that one should earn through the life insurance cover of the child.nobody in the world will look upto that.i just wanted to know what are the norms over there.here also an infant who is just borned can get an insurance cover but was just inqusitive about norms over there in us. 
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ensurepune
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| Posted: Mon Dec 01, 2008 12:36 pm Post subject: |
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Parents are at their liberty to get life insurance for their kids.
However, it is more important for family breadwinners first to have adequate life coverage for themselves. Once the most important and urgent needs are taken care of, there is no harm for parents to consider getting their kids life insurance.
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Xoseph
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| Posted: Wed Dec 03, 2008 11:17 am Post subject: |
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| I myself will agree with that statement too. The parent should get life insurance first. Hopefully by the time two people decide to have a child they should have already made this responsible decision. I think it is also wise then to get a child insurance. Getting a child off to a good start is important these days whether its an insurance policy, college fund or savings account. |
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fireyone
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