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Message
re: Newborn life insurance
Posted on 5/1/19 at 6:49 am to TigerTatorTots
Posted on 5/1/19 at 6:49 am to TigerTatorTots
I have mine through Transamerica. They have competitive prices with paid up options.
1
Posted on 5/1/19 at 8:30 am to Webster23
I have it as a rider on a Term life policy . $43 a year total for 15k each (45k total) that covers three children. That’s $14.33 per child per year, or $1.20 per month per child. Seems like a reasonable way to spend your money and insure your risk .Also ensures 75k term life automatic eligibility at age 25. Which considering health issues one of my three has, is likely going to be a Godsend.
Posted on 5/1/19 at 10:03 am to Lsupimp
quote:
.Also ensures 75k term life automatic eligibility at age 25. Which considering health issues one of my three has, is likely going to be a Godsend.
That is huge. Good for you. The guaranteed insurability is a real dealmaker. Nothing breaks my heart more than to see a family man/woman unable to protect their kids/spouse due to an abnormal health condition that crept in at a young age.
You have to buy life insurance when healthy. I'm glad that worked out for your family (and generations to come)
Posted on 5/1/19 at 11:39 am to meansonny
3 pages on this topic 
Posted on 5/1/19 at 12:34 pm to iknowmorethanyou
People are saying it’s to cover income are dead wrong
It’s to cover a 10k funeral, and probably several missed weeks of work.
People are shitting on something that could make your life easier at the hardest time for the equivalent of eating fast food once a month
I doubt anyone is taking out million dollar policies on their newborn
It’s to cover a 10k funeral, and probably several missed weeks of work.
People are shitting on something that could make your life easier at the hardest time for the equivalent of eating fast food once a month
I doubt anyone is taking out million dollar policies on their newborn
This post was edited on 5/1/19 at 12:38 pm
Posted on 5/1/19 at 8:21 pm to Lsupimp
quote:
$43 a year total for 15k each (45k total) that covers three children. That’s $14.33 per child per year, or $1.20 per month per child. Seems like a reasonable way to spend your money and insure your risk .Also ensures 75k term life automatic eligibility at age 25.
This is certainly a good deal and this is a good thread with great points. My wife would be a disaster and probably unable to function for 6 months if we lost a child.
I still don't have it on my kids and never will. The real answer here, is save more. Save an extra 5%.
You simply can't "insure" everything no matter how cheap things are. Pet insurance, cancer insurance, kids insurance, life insurance, car insurance, umbrella policy, health insurance, dental insurance, vision insurance, short term disability, long term disability, accident, critical illness, etc.
Why do people overly care about life insurance for their kids? Good God this is a horrible sales tactic. So you are paying now so your kid can have an entire 75K of life insurance?
We should all just have an emergency fund and make the best of life. There's a small chance that a billion different things could happen to us. You simply can't plan for everything.
This post was edited on 5/1/19 at 8:22 pm
Posted on 5/1/19 at 9:54 pm to baldona
An absolutely terrible post that makes all kind of erroneous assumptions.
Posted on 5/1/19 at 10:05 pm to Thib-a-doe Tiger
quote:
People are saying it’s to cover income are dead wrong
It’s to cover a 10k funeral, and probably several missed weeks of work.
Correct. Life insurance should be there to cover lost income. There are other, more beneficial, vehicles for saving for the items you’ve mentioned.
Posted on 5/2/19 at 10:16 am to Golfer
quote:
There are other, more beneficial, vehicles for saving for the items you’ve mentioned.
Do you know how long it takes to save 10-15k at $4 a month?
Posted on 5/2/19 at 10:18 am to Lsupimp
quote:
An absolutely terrible post that makes all kind of erroneous assumptions.
Want to clarify? Why? Because I don't support your idea to insure everything?
I'm sorry that living under my means and self insuring by saving additional money is such a terrible idea.
Posted on 5/2/19 at 10:21 am to baldona
Because you’re assuming people are putting chunks of money into 75k worth of whole life, and not paying a couple bucks a month for 10-20k of life insurance
I realize the $4 I’m spending a month could turn into a couple grand over the next 20 years
I also realize that, God forbid, one of my kids dies that my net worth will take 0 hit for the cost of a burger a month
I realize the $4 I’m spending a month could turn into a couple grand over the next 20 years
I also realize that, God forbid, one of my kids dies that my net worth will take 0 hit for the cost of a burger a month
Posted on 5/2/19 at 10:25 am to Thib-a-doe Tiger
quote:
Because you’re assuming people are putting chunks of money into 75k worth of whole life, and not paying a couple bucks a month for 10-20k of life insurance
No I'm not. I'm saying what the hell is $75k of life insurance for?
I'm saying the idea that "something is cheap so do it" is false. I can go to dollar tree and buy 10,000 things for cheap, that doesn't mean I should.
I'm saying your dog dying is a traumatic event for your wife and pet insurance is cheap. I'm saying cancer insurance through Aflac is cheap. Critical illness through someone like Aflac is cheap.
But at the end of the day, all these "cheap" things add up. And its still a roll of the dice and you statistically don't need any of them.
If you want to pick and choose it is your money and not a huge deal. But I'm saying talking someone else into spending their money on something because its "cheap" is still bad advice.
ETA: My whole point is this is something you are better off self insuring. Put a chunk of money into an investment account with low risk investments tucked away for an emergency and live your life.
This post was edited on 5/2/19 at 10:28 am
Posted on 5/2/19 at 10:32 am to baldona
quote:
My whole point is this is something you are better off self insuring. Put a chunk of money into an investment account with low risk investments tucked away for an emergency and live your life.
Again, we’re talking a few bucks a month. Over 20 years at 10% return, my $4 will be 3k, so let’s assume it will be way less than that because I’m not getting 10% in a low risk investment
If your child died, and your wife took off for 6 months, and you took some time off, and you had to pay for a funeral, your net worth is going backwards, mine isn’t
My total cost, over 20 years, is $960, or $48 annually
I bought a dozen golf balls for $45 the other day
This post was edited on 5/2/19 at 10:35 am
Posted on 5/2/19 at 11:16 am to baldona
Lol. No because you DISHONESTLY took what I actually wrote and then attributed all kinds of things I don’t believe and never said to me. And then you followed up by making up fake opposition to the idea that anybody opposes being self- insured or living under their means. That’s called “ building a straw man” and it’s for simpletons and ideologues. You are essentially ignoring what I said and arguing against YOURSELF.
Make your argument like an honest man. And as you do that, remember that you are melting because I have chosen to spend a DIME per day, lol. Ten cents. As if that somehow prevents me from being self-insured or living below my means, two things I have ALWAYS preached and always lived.
Make your argument like an honest man. And as you do that, remember that you are melting because I have chosen to spend a DIME per day, lol. Ten cents. As if that somehow prevents me from being self-insured or living below my means, two things I have ALWAYS preached and always lived.
This post was edited on 5/2/19 at 11:50 am
Posted on 5/2/19 at 11:46 am to baldona
quote:
No I'm not. I'm saying what the hell is $75k of life insurance for?
The policy, as I CLEARLY STATED, is 15k per child and costs 3 cents a day per child. The 75k is the amount per child that the child can AUTOMATICALLY get in term life insurance once they reach age 25, without having to PROVE insurability. In other words, say your child develops a childhood disease that makes them ineligible for life insurance in adulthood, now they can get a small (75k) term life policy to help manage their risk. If you don't understand what the value of that might be to your child, I can explain that to you also.
Posted on 5/2/19 at 12:36 pm to Lsupimp
quote:
Lol. No because you DISHONESTLY took what I actually wrote and then attributed all kinds of things I don’t believe and never said to me. And then you followed up by making up fake opposition to the idea that anybody opposes being self- insured or living under their means. That’s called “ building a straw man” and it’s for simpletons and ideologues. You are essentially ignoring what I said and arguing against YOURSELF.
FWIW the only thing I was replying to you directly about was the first paragraph of my first post. Most of which was complimentary in that it is a good deal.
I apologize for the misunderstanding.
Posted on 5/2/19 at 12:41 pm to baldona
You can buy $500k term insurance when you are healthy and 25-30 for around $30/ month. Sure, kids Gerber type plans are "cheap" because statistically the chance of needing them is insanely low. Yet, they are still considerably more than getting a term policy on a 25 to 30 year old. Hell they are the same price as getting a policy on probably a 50 year old.
They may not cost a lot but is also for very very little insurance, so on a percentage of insurance bought they are actually expensive.
I am by no means hating on anyone that has one. Its your money spend it as you want. For anyone that does not have one, I'm simply saying the best course of action is to simply save the money and self insure.
They may not cost a lot but is also for very very little insurance, so on a percentage of insurance bought they are actually expensive.
I am by no means hating on anyone that has one. Its your money spend it as you want. For anyone that does not have one, I'm simply saying the best course of action is to simply save the money and self insure.
This post was edited on 5/2/19 at 12:46 pm
Posted on 5/2/19 at 12:45 pm to Thib-a-doe Tiger
quote:
Again, we’re talking a few bucks a month. Over 20 years at 10% return, my $4 will be 3k, so let’s assume it will be way less than that because I’m not getting 10% in a low risk investment
If your child died, and your wife took off for 6 months, and you took some time off, and you had to pay for a funeral, your net worth is going backwards, mine isn’t
My total cost, over 20 years, is $960, or $48 annually
I bought a dozen golf balls for $45 the other day
Again, we are talking about one simple type of insurance. If its a good deal to you then by all means keep it.
On a percentage its simply not a good deal. $4 for $15-25k of term insurance would be $80 for $500k of term insurance. That's very very expensive. Who has a greater chance of death in under 20 years a baby or kid or a grown 30 year old? I honestly don't know but I'd bet the 30 year old.
My only point is the statistical chance of using this is very very small on an insurance scale. There are tons of insurance options where you are likely better off spending your money. Just because something is cheap, doesn't mean you should do it. We can all spend our money tons of ways even on cheap stuff.
Posted on 5/2/19 at 8:26 pm to baldona
quote:
No I'm not. I'm saying what the hell is $75k of life insurance for?
Kinda wondering the same myself.
Posted on 5/3/19 at 9:22 am to baldona
quote:
I honestly don't know but I'd bet the 30 year old.
You honestly don’t know
Children under 1 are 3x more likely to die than someone in their 30’s, and still greater than someone in their 50’s according to 2016 US data
Your cost benefit analysis is way off. Think of all the bullshite you’ll spend 1k on in the next 20 years. A lot of people spend more that $4 a day on coffee and fast food
If you want to argue someone with a small net worth carrying max auto insurance, I’m all ears
ETA: just looked at my pay stub, I pay less than $3 a month
This post was edited on 5/3/19 at 9:41 am
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