Life Insurance for Kids: Why is it Controversial?

As morbid as it sounds, I have a life insurance policy for our three year old son. I pray we never have to use it. For about $20 a month, I know we have enough to cover funeral expenses if something every happened to him. When you ask people about life insurance for kids, you’ve get a range of opinions. Some think it’s a waste of time. Others, like me, would rather have the policy than be faced with the worst tragedy in my life and struggle to pay for a funeral.

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I think life insurance for kids is important because I can think of three classmates and family friends who died before they turned 20. In high school, a star soccer player who played in the band with me died in his sleep. When I was in college, a church member /co-worker was murdered by her boyfriend. A church member died of the west nile virus. I was too young to understand what was going on, besides the fact that my friends were gone. The Newtown, CT school shootings were another horrible wake up call about how vulnerable even kindergarteners are.

Do your children have life insurance?
Do you know any parents who lost their children and struggled with the funeral costs? 

I don’t know how their parents handled the cost of their burial or cremation. Genworth Financial has a guide to help you learn more about what life insurance is and what it’s designed to do. It’s useful to evaluate all of your family’s insurance needs.

Parents should evaluate your life insurance coverage first, so your family will be prepared if something happens to you. If you’re a stay at home parent without an employer provided insurance policy, you can purchase a private policy.

There’s a lot of news and research about life insurance, especially for women. For instance, did you know that 100 years ago women couldn’t buy life insurance? Thank goodness things have changed. One consideration if you don’t want to purchase a separate insurance policy for your child is to add a rider to your current life insurance policy that covers them.

Disclosure: This post in inspired by Genworth Financial. All thoughts and opinions are my own.

About Joyce Brewer

Creator & Host of Mommy Talk Show. Emmy award-winning TV journalist.Wife & Mommy; Mom Blogger; Social Media Coach; Long Island, New York transplant living in Atlanta, GA. Follow Joyce on Twitter @MommyTalkShow Author of Use What You Know: A Business Idea Guide for Moms featuring interviews with mompreneurs who created businesses using their skills & backgrounds.

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  1. . I had friends who died in accidents too. I’m sure having a policy would have eased financial burden.

  2. It IS a morbid thought and something I KNOW I never want to think about, but at the same time, isn’t it just as morbid to think about something happening to HUbby or I? Yet we have to think of all possibilities, why not cover the kids too? Great post

  3. I think of life insurance for kids like a savings plan. Depending on the plan, you can put money away for your kids’ future. That way it doesn’t sound morbid.

  4. Thank you for the information. Of course, every parent doesn’t want to think about Life Insurance for their kids, but it’s something we should be looking into!

  5. In general people don’t want to discuss death and especially not when it concerns their children. But as you mentioned there are many reasons why a person should have coverage on their child(ren). As a Financial Advisor and an advocate for financial literacy, I always strive to educate people on the pros and cons about everything so that they can make an informed decision. Life insurance is the gift that keeps on giving. Also, did you know that there is life insurance that you don’t have to die to use? It’s an absolutely amazing concept and has nothing to do with cash value build up. Let me know if you’d like more information about it. Great topic…and remember, April is financial literacy month!

  6. scary, but important to think about for all family members!

  7. I recently attended a workshop called faith and finances. Part of the workshop covered insurance. The presenter made an excellent point about children and life insurance. We often feel it is morbid and focus on the death benefit part of it and funeral cost. The more important fact that he presented was in life many people will get sick develop things like cancer, sickle cell, diabetes, etc.. Insurance companies can then deem you uninsurable. If we get our kids life insurance when they are young they can maintain that coverage their entire life. If they are unfortunate to develop a serious illness they are already covered and their loved ones are protected in the event something happens.

  8. I do not have life insurance for my children but I do think it is a wonderful idea. Insurance is for in case the worst happens. It is better to be prepared than not!

  9. I don’t have life insurance for my children, primarily because I feel like insurance is to provide a means of financial support when a wage earner dies. As a stay at home mom, I do have insurance on myself due to the cost of hiring someone to do my job but it is not as much as my husband since it is his income that we live off of. As crass as it sounds, children are an expense, so beyond funeral cost, there is nothing to insure. Putting money aside each month in a seperate account seems like a better idea to me, then it is much easier to access for whatever need your child may have.

  10. I had it for my kids but I let it lapse I just called metlife today to see about getting them some more but I think I am going to go with another company and get all of us insurance at one time. You don’t have to get a big policy just something to cover burial if you want to start off slow. Great info

  11. For some people, the lost of a child is so devastating that it affects them mentally, physically, and emotionally. This then affects their ability to continue earning a living and providing for themselves and their loved ones. In these instances. the additional funds make it possible for them to take a leave of absence from work so they can focus on grieving and get back to being themselves. No one should be looking to profit when their child or anyone dies, but having a back up plan financial can make a world of difference. And any funds that are not used to the better of the family after a death can always be left to a charity in the name of the child.

  12. It is an extremely hard thing to think about. Most people don’t like thinking about death period, but its a lot easier for a parent to think about making sure their families are okay if something were to happen to them than thinking about something bad happening to their child. I do like the idea of thinking about it as preparing your child in the event that something would happen to make them uninsurable. I think that makes it easier for parents to think about.

  13. We have life insurance for the entire family. I realize its importance and that it can be used as a vessel for generating wealth

  14. I have actually thought about this. I think what’s stopping me from doing it is the thought of my babies leaving this earth before I do. Unfortunately it is a possibility. So I definitely need to talk to the husband about getting some.

  15. We don’t have a policy, mostly because we save in another aspect for anything unfortunate that may happen. After studying to be an insurance agent, I learned that as long as you have a steady savings dedicated to such things, and put it in an account that accrues interest, you are better off than having a policy. But, I do agree that putting aside that money is so, so important, no matter how morbid it may sound.