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Do I Need To Carry Life Insurance On My Children?

I am not an advocate for substantial life insurance policies on children.  If we go back to my premise that life insurance should be used primarily as a mechanism to replace lost income, children are not good candidates for life insurance.

I do suggest carrying small life insurances policies (less than $10,000) on a child to cover the cost of a funeral if a tragedy were to happen.  In my case, the way I have done this is through an add on to my own life insurance policy.  Ask your life insurance provider about adding small policies (known as “riders’) to your existing life insurance.  This makes it very inexpensive.  You also don’t have to worry about paying for additional policies separately, as the cost for the children’s life insurance is built in to your annual or monthly premium.

As with your own coverage, you should carry term life insurance on your children.  Stay away from life insurance being sold as an investment for your child’s future.  Forms of life insurance, such as whole life, are overpriced and a very weak investment option.  Keep your child’s investments in mutual funds, bonds or other good choices, not life insurance.  Insurance is not an investment!

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James L. Paris
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