Insurance for kids???? (Silverbirch)

virgin_man

As a relatively new father, I have failed to find out if I should/ought to/must take out any additional insurances (esp. life insurance) for our little boy.

Grateful for any advice/opinions/experience that may you have on this subject

silverbirch_3

I have 4 kids and have had to pay out to a neighbour in the past when 1 of them fell off there bike and scratched their car. Since then i've been worried everytime they go out on bikes, with a football etc in case something else happens that ends up costing me money.

Is it possible to get some kind of insurance against accidental damage caused by my children when they are out with there friends? Anybody found anything that would cover in the event of something like this happening again?

My kids are starting to resent the fact then when all there mates are out there having a game of footie, i won't let them join in unless they take the ball over the park.

savvy

Hi Silverbirch, hope you don't mind but I've merged these threads as they are of a similar subject and will help more people out when searching.

savvy

silverbirch_3

No probs, hope someone can help, i've tried searching for public liability insurance etc but can't seem to find anything that will cover me in a situation like this, no doubt the insurance companies feel it would end up costing them too much lol

savvy

I've never heard of any insurance for kids, I guess in and around the home they are covered if they break any of your effects, but as for away from gawd only knows!

trafalgar_2

savvy wrote:

I've never heard of any insurance for kids, I guess in and around the home they are covered if they break any of your effects, but as for away from gawd only knows!

I agree,I don't think there is such a thing either ...............you just have to try and make sure they are careful or play away from neighbours cars,unfortunate but I think it's just one of those things where parents are at the mercy of their kids:D

trafalgar_2

virgin_man wrote:

As a relatively new father, I have failed to find out if I should/ought to/must take out any additional insurances (esp. life insurance) for our little boy.

Grateful for any advice/opinions/experience that may you have on this subject

I think you've just got to weigh up what financial help he might need should the possibility of anything drastic happening to one or both of his parents become a reality.
Have you made a will,as that's important too.I know it's a bit doom and gloom but god forbid anything happened tomorrow,who would raise him,have they agreed.
Who would take care of him, would they need finances to help them with his education needs etc etc

Have you made a will,as that's important too.I know it's a bit doom and gloom but god forbid anything happened tomorrow,best have these things sorted not left up in the air.

Do you have life insurance now...................what about increasing it.

One thing to remember though ,don't get more than you can easily afford,hopefully you will be paying it for years:D and there's no point in struggling financially while covering a possibility.

dunstonh

Some insurers will provide childrens life cover/critical illness automatically on the parents life policies. However, it's not the sort of thing you would take out as extra policy. If it was an area of concern, you would just pick one of the insurers that does it rather than one that doesn't.

NAR

Virgin_man, I presume it is life insurance for the child you are asking about. Very wise man, because as we all know death can come to us at any age because of accidents etc. I had two policies, I say had because the children are now young adults and no longer covered, one with Norwich Union and one with Avon which covered them for accidental death.

dunstonh

Ok, lets get level headed about this.

If you insured every possiblity and paid all the things you should do, including savings and investments, you wouldnt have a penny left to live on. So it's important to prioritise what is important and most likely to happen.

Accidental death policies are a money maker for insurance companies and a complete and utter waste of money. Indeed, many current accounts or financial products give this away as it is so worthless. Its really only of use to those who cannot got medically insured.

Also, you are more likely to die than your children and I bet you havent got enough life cover (most don't). In the even of your death, the financial implications on the child are going to be potentially massive. In the event of the childs death the financial implications are going to be limited to time off work and funeral expenses.

It may be an emotive subject but you do have to look at all risks and your budget and prioritise what is important. When you do that, I doubt you will consider life cover for children worth paying for.

NAR

dunstonh wrote:

Accidental death policies are a money maker for insurance companies and a complete and utter waste of money.

For £8000 cover for my wife and I and £2000 each for the kids the premium with Norwich Union is £1.99 per month - hardly a waste of money IMHO. Also the chances of kids being involved in accidental death is likely to be quite high percentage wise, I would have thought.