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Insurance for child

September 10th, 2010 at 07:25 am

Being from Canada, eh, I don't have to worry about health insurance but I did often think I should get some type of life insurance for DD.
Yesterday she came home from school with umpteen forms to sign. Emergency contact information... that kind of thing. One of the forms was from an insurance company saying that we could insure our child for one full year for death, disability, etc.
It's only $26.50 per year.
Susie Orman says that with the death or illness of a child, you might not be able to cope with going back to work in a hurry. That's the only reason she would recommend life ins. for a child.
I sent it in.

Posted in Saving Money | 7 Comments »

7 Responses to “Insurance for child”

  1. creditcardfree Says:
    September 10th, 2010 at 11:51 am 1284119472
    1284119472

    That does seem reasonable. I sure hope you won't need to use it!

  2. HouseHopeful Says:
    September 10th, 2010 at 12:21 pm 1284121301
    1284121301

    The price isn't very much, it sounds like you made the right decision.

  3. MonkeyMama Says:
    September 10th, 2010 at 02:13 pm 1284128021
    1284128021

    I didn't realize Suze said that. I personally think I probably should have insurance on my kids. I could not imagine working (immediately) if something happened to them. I know too many people it has happened to, I suppose. Usually other people think I am crazy to consider it. But as the only working adult in my house, I think it is something serious to consider. Like I said, I know too many people who have lost a child. I can't even imagine how you would function.

  4. Joan.of.the.Arch Says:
    September 10th, 2010 at 03:48 pm 1284133733
    1284133733

    That is the best argument for life insurance on a child I have ever heard....Still, a plump emergency fund does the same thing; plus is there for other emergencies, too.

  5. Looking Forward Says:
    September 10th, 2010 at 04:53 pm 1284137583
    1284137583

    It does make sense to me. What are the benefit amounts? If it's like $26/year for $1000 benefit then it wouldn't be a good deal!

  6. Waterfall Says:
    September 11th, 2010 at 02:49 am 1284173359
    1284173359

    It's $10,000 for death and $350,000 for disability.

  7. Jerry Says:
    September 17th, 2010 at 07:16 pm 1284750974
    1284750974

    That is a really solid argument for insurance for a child, and one that I had not considered. I do agree with Joan above, however, that if the emergency fund gets big enough it leads to less of a need for the coverage.
    Jerry

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