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Financial Ministry

Life insurance on children

When your baby is born, you receive offers for life insurance for your child. Life insurance on children is not a great idea. The companies tout the policies to you as a great investment on your child. They’ll have life insurance when they’re older. They won’t be denied life insurance if they end up with a medical condition when they get older. The policies they are offering on your children are whole life, universal life, or some variation thereof.

Don’t fall for it. Remember, you only need life insurance when you have someone depending on you. If you have a spouse, children, parents that depend on you, or some other person that depends on you, then you need life insurance. Get Term Life Insurance only. Don’t get whole life, universal life, annuities, or anything other than term. A baby does not need life insurance, unless you have them earning money, such as in commercials or movies. Some people might want to get a small amount of term life insurance to cover burial costs in the event of a premature death. Otherwise, avoid it like the plague that it is.


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