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New Baby Life Insurance

jimbo2010
jimbo2010 Posts: 123 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Insurance & life assurance
Hi we've just had our first baby and was thinking of getting some sort of life cover for her but i'm unsure of what kind to get?

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    edited 27 August 2010 at 5:54PM
    None you can't get insurance for a child's life. Apart from the loss of a life there is no loss of income and the baby has no dependants. You get insurance on your own life to look after the baby in case either or both of the parents are no more but not on the baby's life.

    edit: just googled it and it can be purchased but i wouldn't get it. It isn't worth it.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    What a joke product...£5 per month to give you just enough to pay for a funeral. There are much better ways to spend money than throwing £5 away every month.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Quote
    Quote Posts: 8,042 Forumite
    HappyMJ wrote: »
    There are much better ways to spend money than throwing £5 away every month.
    Do tell...
  • dunstonh
    dunstonh Posts: 118,214 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    A number of normal life assurance plans for the parents include automatic death benefit for a child. There is no point paying any more.
    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.
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