Would you ever take a life insurance policy out on your kids?

No. I’d rather put the money into some kind of savings.

If you have to bury them it makes it one thing you don’t have to sweat. Sorry.

My SO’s parents did, for each child. My parents did not. I never really thought about what I would do as it had not even occurred to me to take a life insurance policy out for myself yet.

I should probably work on getting health insurance first.

Burials are expensive. I am 40 years old and my mom just told me she has kept a small policy on all of her kids just in case we happened to be broke and died accidentally.

In poor neighborhoods, burial insurance is common. It’s also been notoriously overpriced.

Googling it , I don’t see a lot of recent articles. Maybe because of this:

Metropolitan Life insurance companies will pay nearly $500 million in benefits on small-value life insurance policies – often sold door-to-door in Black communities around America – under an agreement reached between Florida and 29 other states.

We have it on our children, just in case. Once they are adults, they can convert it into their own policy.

I think it would make better financial sense to put the money in savings. You make payments every year to keep the insurance up to date. Small policies with a very low chance of payout—you’ll quickly end up paying more in payments than the policy is worth. It’s better to just invest the money and earmark it for the kids. It could be their little nest egg. If god forbid something happens, you can use the little nest egg to bury them.

I don’t have kids, but my parents took out insurance on each of us (six), I think as we started going to school. I think it was a part of the school registration process, if I recall correctly. Sounds to me like a very practical thing to do.

If I had kids I would as I have some on myself. In fact two types. One through the bank that is the lowest end I don’t actually pay for and a policy through work that ends up as 24 dollars a year. I am cheap but I am also practical. I feel it is more then worth it and I am not dead yet.

Some policies have cash value that the kids can use when they’re older.

My parents did. The policy matured into a lump sum when I was 18, which helped finance college for me.

Yes—if I had kids and the wherewithal—for two reasons. One, aside from the cash it would generate for the situation @Adirondackwannabe mentions, it might make a good savings instrument and two, it could serve as a good teaching tool on the importance of having insurance and buying it at an early age when premiums are the lowest.

I would if it costs the same as my renters insurance. 6 bucks a month is a cheap insurance policy. I hope I never need it but I will be glad it is there.

I don’t find it morbid or anything.

You guys are right. I didn’t look at the more practical side of it.

I took out policies on both kids, maintained them until they were 21 then turned them over to each of them. They now have them and are keeping them up. They are self sustaining at this time and so don’t cost them anything.

I think there have been too many Lifetime Original Movies with the cliche: When a parent or (even worse!) a foster parent buys life insurance for a kid, they always end up killing him. It gives life insurance for kids a bad name.

Exactly @keobooks.