Life Insurance for young adults/kids

[32drawlength]

My question: is it available for 15-25 year olds? Are rates reasonable?

I already have a term life policy with free $10k riders for each of my sons but would be interested in more coverage for each.

Do any of you guys have policies on your kids?

TIA

[jaspermac]

Just curious of why you think they need it. Are you buying it as an investment? If so, there may be better options. I see life insurance to replace lost income or cover taxes in a large estate and to pay off debt. Hard to make it work for anything else.

[JonBoy]

My question: is it available for 15-25 year olds? Are rates reasonable?

I already have a term life policy with free $10k riders for each of my sons but would be interested in more coverage for each.

Do any of you guys have policies on your kids?

TIA

Short answer is yes.

I graduated college and immediately started investing for retirement at the ripe age of 22. Aside from 401k and my Roth I also took out about $500k in whole life and have exercised OPAIs about half the time when they have come up over the years. Its a great nest egg and hopefully will be used to pay estate taxes on whatever I leave to my family.

[Shane]

Are you looking to insure against financial loss if something happens to your kids, or are you looking for some kind of long term investment vehicle for your kids? Different jobs require different tools.

[32drawlength]

Not looking as investment, only as term insurance.
Both are training in aviation and looking for protective coverage

[duckmanep]

Just curious of why you think they need it. Are you buying it as an investment? If so, there may be better options. I see life insurance to replace lost income or cover taxes in a large estate and to pay off debt. Hard to make it work for anything else.

I've heard that losing a child can cause people to literally lose their minds for a period of time which makes them not able to work. I can't imagine how hard it would be.

[trailboss]

For one thing, they'll never be able to buy it cheaper as they get older. You probably won't buy all they'll need as adults but what you buy now is coverage they won't have to buy at a higher rate as adults.
Not only that, what if they come down with some condition that would make them uninsurable? At least they have what you bought for them as a child.
Permanent life insurance will build a pretty nice little nest egg by retirement time, even on a small policy.
Heaven forbid something happen that you would need to collect on it, but if so, the money from the life policy might help a sibling go to college or buy a home. At least you wouldn't have to take money away from the survivors to pay funeral costs.
I bought insurance on all my kids as infants and turned it over to them when they were of age. They still have it.
Trailboss

[Roy D Mercer]

Juvenile diabetes runs on my wife’s side. I bought a 25k policy on my kiddo that pays up in 20 years. It included 5 options to buy an additional 25k without having to prove insurability or pay an inflated rate.

[Codie]

yes it is available and yes I own it. The policies will be a LOT more affordable for them when they are adults because I locked in the rates while they were so young. I really like the policies that are paid up in 15-20yrs and then give additional option periods to add additional death benefit without having to show insurability in the future to obtain that additional death benefit.

[Ishi&Elvis]

Yes, on all three of my children when they were infants. It will never be cheaper and they might lose the ability to be insured if they are injured, get an illness, etc. It was not a way to enrich myself if something happened, but funerals are not free, even for children. We have increased it every time the options have occurred and they will be paid up at some point and we will make them the owners of their policies. If, hopefully not, something ever happened to them it would help ease any financial burden the surviving family members might have(children, spouse), could pay off small loans, or provide a way to pay for a college/trade school education. It's a good idea to have some, just in case. I would never want to have an add in the paper saying something to the effect "an account has been set up at Farmer's State Bank..." because I did not take care of business.

[Huntingfool]

For one thing, they'll never be able to buy it cheaper as they get older. You probably won't buy all they'll need as adults but what you buy now is coverage they won't have to buy at a higher rate as adults.
Not only that, what if they come down with some condition that would make them uninsurable? At least they have what you bought for them as a child.
Permanent life insurance will build a pretty nice little nest egg by retirement time, even on a small policy.
Heaven forbid something happen that you would need to collect on it, but if so, the money from the life policy might help a sibling go to college or buy a home. At least you wouldn't have to take money away from the survivors to pay funeral costs.
I bought insurance on all my kids as infants and turned it over to them when they were of age. They still have it.
Trailboss

THIS - insurability is huge. When your child turns into an adult, gets married and needs life insurance for their family then already having it is huge - especially if they develop diabetes, heart issues, etc. to where they could be unable to qualify for it.

[TXBowhunter11]

THIS - insurability is huge. When your child turns into an adult, gets married and needs life insurance for their family then already having it is huge - especially if they develop diabetes, heart issues, etc. to where they could be unable to qualify for it.

this is very accurate. I am a state farm agent and write a ton of life insurance on parents and kids. Holler at me if you want to talk! 254-230-7915

[aggie2000tx]

I have life insurance policies on both my kids 12 and 10. Also have one for myself and my wife.

[elhefe]

I have $25000 whole life policies on my 3 kids. As others have said, it is partially an investment as it grows dividends. It is also so much cheaper the younger they are. Depending on the age of the child and amount of coverage determines cost. For $25000 in whole life you are looking at around 25 bucks a month. With Farm Bureau, after 20 years the policy is paid for you don’t have to make another payment while it stays in force. It guarantees insurability like others have said. I sell it through Farm Bureau. If you wish, you can call me at 936-520-3930

[elhefe]

Also, if they get it before they are 16 there is no need for a medical exam