1. 63333 POINTS
    Peggy MacePRO
    Most of the U.S.
    Getting Life Insurance on kids can be a good idea. Thankfully, children do not usually need life insurance due to death, but there are other advantages to kids having life insurance. The main one is that they can get a rate locked in at a young age and in very good health. If there is a family history of type 1 diabetes or other disease, this can save them a lifetime of having to pay higher rates.
    Answered on August 31, 2013
  2. 7479 POINTS
    Steve KobrinPRO
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    Picture this:

    You are a newborn, just a few weeks old. Your parents love you dearly and want everything in the world for you. They especially want you to be strong financially.

    They think ahead and realize that life insurance is going to be key to your financial future. So they take out a policy. On you. With one of them as the owner and beneficiary.

    It’s a good-size policy, from a good strong company, that provides solid guarantees. It’s designed to last your lifetime.

    They just keep paying the premium and let it ride. The guaranteed cash values grow, the non-guaranteed cash values grow, and the survivor benefit increases. Just let it ride.

    When you become an adult, they gift it over to you. Of course, their attorney advises on how to handle the transaction.

    So now, you know what? You are walking into adulthood with a life insurance policy already in place. The cost is fantastically low because it was issued when you were just a little kid.

    And it has a lot of other perks as well.

    When you buy a home and want to cover the mortgage, you will need life insurance. Good news! You already have it.

    If you start a business and need a bank loan, the lender will want you to have a policy in place. Good news! You already have it.


    Here are some other perks:

    You may take a job that requires foreign travel. That might make a new policy pricey.

    Or you might take up mountain climbing as a hobby. That might make a new policy pricey.

    Or you might unfortunately come down with a chronic medical condition. That might make a new policy pricey.

    Well, you won’t need new coverage because - Good news! You already have it.

    And what if you have an emergency expense and need access to cash quickly?
    You have it in your policy.

    What if you want to start a new business and need starting capital?
    You have it in your policy.

    Maybe you need a source of funds to supplement your retirement income?
    You have it in your policy.

    Yes, I think life insurance is good for kids, because kids become adults.
    Answered on August 26, 2015
  3. 11773 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Is life insurance good for kids? Well, it very much can be a great choice for kids. First there is that passing away aspect, but really that's not good for kids is it? Second, if you set up the plan correctly you give your kid the best opportunity that few have. You create several situations where the insurance company can only say "yes" and that is powerful if you think about it. Finally, you start your kid financial plan for them before their first job or even before they drive. You can set the foundation for your kid to grow financially from. Insurance is cheap when your young and time creates outstanding returns for what is essentially a safe investment.
    Answered on October 8, 2015
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