I have 14 year old son, am planning to get long term life insurance for him. Any insight or suggestions from experts?

-----------------------------------------------------------------
Dont help others because others have helped you,,,,help others because its the right thing to do!!!

http://www.indopia.in/

Why do you want life insurance for a 14 year old?

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Why not?
One should have life insurance anyways and I think it would be cheaper and easier to start early.

-----------------------------------------------------------------
Dont help others because others have helped you,,,,help others because its the right thing to do!!!

http://www.indopia.in/

Quote:

---

Originally posted by RESP
Why not?

---

Quote:

---

One should have life insurance anyways

---

Quote:

---

and I think it would be cheaper and easier to start early.

---

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Pratickm,
I agree in most of the cases a single person with no dependent might not require a Life insurance. However in case of our kids, we assume they will have some liability at some point of the life. They will get married and start their own family. At that time they would probably have to take life insurance. It will be expensive because of the age. Also god forbids, he may not be eligible due to health condition.
Think of this as a gift to your child when he grows up.

RESP,
If you can afford it, there is nothing wrong in taking LI for your kids. But keep in mind that there is no point in taking term insurance in this case. You may opt for 20 pay UL or WL. By the time you kid is 34, his life insurance is paid off for life.

Normally, you would be the owner of the policy and you can transfer the ownership to you kids when he can afford to pay the premiums. Or you can continue to pay the premiums.

Keep yourself as beneficiary (revocable). Beneficiary can always be changed to anyone financially dependent on you kid (say 15 years from now).


And yes It will be cheaper at this age.

Quote:

---

Originally posted by pratickm

Quote:

---

Originally posted by RESP
Why not?

---

Because life insurance re-imburses the beneficiary for the financial loss upon the death of the insured.
What kind of financial loss would one face as a result of the demise of a 14 year old?
And who would be the beneficiary? The parents?
It should be the other way round - the parent(s) should have life insurance coverage with the kids as beneficiaries.

---

-----------------------------------------------------------------
Dont help others because others have helped you,,,,help others because its the right thing to do!!!

http://www.indopia.in/

Quote:

---

Originally posted by rsbagwell

RESP,
If you can afford it, there is nothing wrong in taking LI for your kids. But keep in mind that there is no point in taking term insurance in this case. You may opt for 20 pay UL or WL. By the time you kid is 34, his life insurance is paid off for life.

Normally, you would be the owner of the policy and you can transfer the ownership to you kids when he can afford to pay the premiums. Or you can continue to pay the premiums.

Keep yourself as beneficiary (revocable). Beneficiary can always be changed to anyone financially dependent on you kid (say 15 years from now).


And yes It will be cheaper at this age.

---

-----------------------------------------------------------------
Dont help others because others have helped you,,,,help others because its the right thing to do!!!

http://www.indopia.in/