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Life Insurance for a 16 week old baby
rubix_76
Posts: 216 Forumite
I have been thinking about life insurance for our 16 week old son.
We (me and DW) have life insurance which pays off mortgage in event of either (or both) die. We both have pensions (I am 30, DW is 27).
Is it worth getting a life insurance for our DS. My dad took one out when I was a baby, but he has said it is probabaly not worth it, maybe better to put away a fixed amount in an ISA or similar.
This is really only to cover a funeral (God forbid), but we just don't have that sort of "spare" cash.
Any Ideas ?? Thanks in advance
We (me and DW) have life insurance which pays off mortgage in event of either (or both) die. We both have pensions (I am 30, DW is 27).
Is it worth getting a life insurance for our DS. My dad took one out when I was a baby, but he has said it is probabaly not worth it, maybe better to put away a fixed amount in an ISA or similar.
This is really only to cover a funeral (God forbid), but we just don't have that sort of "spare" cash.
Any Ideas ?? Thanks in advance
There are 10 kinds of people in the world, those who understand binary, and those who don't.
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Comments
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Some providers do automatically include a small sum assured for children on the parents life policy (whether you ask for it or not).
I wouldnt see the point of a life policy on the child above and beyond that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
companies dont insure chilren under 16 for life cover,except for nominal ammounts..say £100..this has always been the case...if they did I,m sure you would have heard stories in the news of parents insuring their child for £100000,and then murdering them to claim the money...0
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Stick the cash in an ISA!0
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