This past term on Wednesday nights at church we had a series regarding stewardship. One of the sessions dealt with life insurance. The "teacher" mentioned he purchased getting each of his kids $250k in life insurance when they were young, so they could carry that on with them as they got older and at least had some basic life insurance moving forward. Had a buddy quote me a couple policies that came back at $99 a month for one and $305 for the other. Have any of y'all done something like that for your kids and if so, what was your ballpark monthly premium?

You'd be better off getting just enough to bury them if needed and investing in a mutual fund. Then when they buy a house or get married reevaluate how much they need. No matter what in insurance agent tells you.

Check to see if your employer offers it. One benefit of working for a government entity (and there aren't many), is the cheaper benefits. I keep 100K on my wife for $12 a month and $10K each for two kids for $1.60 a month. Not to sound morbid, but the 10K per child is exactly as trlrdave said, burial in the event they pass while young.

Life insurance should basically be just enough to bury, pay off and transfer the estate.

Never saw the need for children.

Whole life has an investment portion to the policy.

Buy a term policy for just enough to cover burial costs on kids if you can't afford that.

Term policies on you and your spouse would be more important and enough to cover expenses to get kids to adulthood and college and keep/maintain home.

Stop term when you have enough in savings to last you or your spouse should one die.

I buy $10k per kid life insurance for about $20 a year through benefit plan at work. You would be better off putting that money into a Kids Roth IRA until they turn 18 provided your kids earn as much as that. Get them started on retirement at that age with 50 years to grow in an S&P 500 index fund.

They would appreciate it more if you put that amount every month into a roth IRA. Make yourself the beneficiary. If you don't want to do a roth just invest this in a good tech fund.

"Investment" LOL

Have enough to bury him and spend the rest of the money some better way. Insurance of any kind is pretty much a scam from the word go. Alot like a casino, the odds are stacked against you when you walk in the door. Ive kept about $10k on the kids i been responsible for untill they got out on their own, its up to them after that.

Have $10k at work for my twins. It’s 62 cents a month. Probably wouldn’t cover a full burial with tombstone but would get close.

What he said.

I wish I didn't know this, but it costs as much to bury a child as it does to bury an adult.

Globe Life, the folks that usually sell through school programs, was very inexpensive and paid with zero issues.

While I would have spent all I had to keep him, not having to be concerned about expenses sure helped.

I could see $10,000 and 62 cents a month. No way a kid needs a $250,000 policy. Especially not whole life (which is I'm sure what they're quoting).

I bet a 10 year term policy for $250k for a kid would be $5/month.

Life insurance is for the ones that depend on u...if your responsible enough to take out life insurance for your kid you probably don't need it...

I don’t understand a child needing life insurance. You aren’t insuring against a loss of income from them dying. And if it’s an investment perspective, they would better off creating an investment account ESPECIALLY at that young age. If nothing else a no/low load index fund that you put that same $$ toward each month.

Sounds like you just heard a talk from a whole life salesman.

I'm betting very few on here have checked out the actual growth numbers in a whole life policy for when minor children carry it for 20÷ years.

I'm also betting that not many have considered permanent insurance for children when you may not know if they are insurable as adults. What happens when your 20 year old develops epilepsy on top of polycystic kidney disease?

I'm also betting only a handful have any information on Infinite Banking.

Whole life is much more of a financial tool rather than simple insurance. It's often a good fit for people. I'd suggest studying on it. There is a good reason the wealthy and corporations use permanent insurance as a financial tool. Us working/lower/middle/doing alright classes of people should pay attention to what actually works and employ similar strategies.

It's good for people who don't save...that's the bottom line, I ain't judging, I suck financially right now but I do have a bachelor degree in financial planning lol

Yep.
Glad my dad bought mine when I was a baby. I havent had to pay on it for over 25 years and yet it still grows. Who woulda thunk it?