Life Insurance for Children

rs65

McKneff wrote: »

I mean we could insure them and pop them off so to speak

The same would apply to spouses.

POPPYOSCAR

I think quite a few do it. Have you tried Legal and Gen? Sainsbury?

I think it costs around £5.00 per month min. prem. The ones I have seen require quite a long term.Min age is usually 12 months.

You can get a family policy although that is (whole of life) for up to 12 members. Min age 12 months.

dunstonh

I think quite a few do it. Have you tried Legal and Gen? Sainsbury?

I think it costs around £5.00 per month min. prem. The ones I have seen require quite a long term.Min age is usually 12 months.

Sounds like bit of a cash cow for the seller and insurer. Getting it on the main life policy for the parent at no additional cost is probably a most cost effective way.

opinions4u

A number of people on benefits qualify for Funeral Payments. So the state picks up the bill.

I remember dealing with an undertaker with the Co-op years ago and the subject of a child's funeral came up. He told me that they'd provide their services for free in those circumstances. I'm not sure if that stretched to cars and coffins etc and I've no idea if the same would apply today.

Some local authorities also contribute towards certain funeral costs too, regardless of the "wealth" of the deceased. Where I live there's always a collection on the surrounding streets if somebody dies. I'd hazard a guess that would also generate a half decent sum if a child was involved.

While I can see a modest insurable interest here, a "Child Funeral Plan" marketing campaign might just get a provider something of a sick reputation.

The point about losing child benefit and child tax credits creating hardship is nonsense. Losing a child must be extraordinarily painful, but it's not a financial burden.

Derivative

silky180 wrote: »

The story is.... a friend's child very sadly and suddenly died.... she had no money for the funeral, then lost her child benefit and child tax credit, therefore reducing her monthly income enough to have an impact. It makes you think if adults can have life assurance and critical illness cover then why can't children!

This seems like a situation that can be very adequately planned for though.
Why would 'losing' benefits for the purpose of raising a child be an issue when you no longer have a child? All I can come up with is renting a large house... all you'd have to do is downsize?

weighty1_2

POPPYOSCAR wrote: »

I think quite a few do it. Have you tried Legal and Gen? Sainsbury?

I think it costs around £5.00 per month min. prem. The ones I have seen require quite a long term.Min age is usually 12 months.

You can get a family policy although that is (whole of life) for up to 12 members. Min age 12 months.

I'd love to see this family policy. There are only a handful of providers who offer WOL plans and none of them, as far as I'm aware, do family plans.

I'm almost certain that most providers won't offer cover for under 18's. There are a couple of providers who can offer cover for those aged over 16. Aviva is one of them, however, off the top of my head I can't think of any other.

POPPYOSCAR

weighty1 wrote: »

I'd love to see this family policy. There are only a handful of providers who offer WOL plans and none of them, as far as I'm aware, do family plans.

I'm almost certain that most providers won't offer cover for under 18's. There are a couple of providers who can offer cover for those aged over 16. Aviva is one of them, however, off the top of my head I can't think of any other.

http://www.money.co.uk/life-insurance/child-life-insurance.htm

http://www.lifeassureonline.co.uk/family-life-plan

Mand_x_

I have a savings account for my boys with The Childrens Mutual, you can pick how long you want to save for 15 years etc. But I notice it does have a sum assured payable on death of £2250 (aprox from memory would have to get the paper work out). I pay £15 a month for 12 years payable when they turn 18. Instead of just being an insurance /assurance policy where the money is lost if no claim made, as it is a savings policy you will get a payment to help with education or driving lessons etc when you chose the policy to end. You would need to check the details with an IFA though as not sure on the investment risks you would be willing to take etc or even if this would be suitable and at first I felt a little uncomfotable at seeing the death benefit for my children but when I thought about if anything god forbid did happen to them the little sum assured from their policy would maybe at least help towards the funeral costs. I think the policy we have is some kind of childrens bond and it is invested in their withprofits fund. It is not guaranteed of course in fact our estimated maturity amanount has decreased every year for the last 4 years but it is the type of policy that increases with a bonus at the end all being well.

opinions4u

Mand_x_ wrote: »

I have a savings account for my boys with The Childrens Mutual, you can pick how long you want to save for 15 years etc. But I notice it does have a sum assured payable on death of £2250 (aprox from memory would have to get the paper work out). I pay £15 a month for 12 years payable when they turn 18. Instead of just being an insurance /assurance policy where the money is lost if no claim made, as it is a savings policy you will get a payment to help with education or driving lessons etc when you chose the policy to end. You would need to check the details with an IFA though as not sure on the investment risks you would be willing to take etc or even if this would be suitable and at first I felt a little uncomfotable at seeing the death benefit for my children but when I thought about if anything god forbid did happen to them the little sum assured from their policy would maybe at least help towards the funeral costs. I think the policy we have is some kind of childrens bond and it is invested in their withprofits fund. It is not guaranteed of course in fact our estimated maturity amanount has decreased every year for the last 4 years but it is the type of policy that increases with a bonus at the end all being well.

I think you've identified the obvious solution for the OP.

While this sort of plan as an investment isn't a particularly successful or flexible concept, the life cover elememt does what they want it to do and would at least make a decent contribution to funeral costs if, God forbid, a claim is necessary.

heretolearn_2

While I can understand a desire to plan for funeral costs should the worst happen, what kind of sicko worries about the loss of child benefit in these circumstances?