Life Insurance
Why is it a TERRIBLE idea to have life insurance on a child?
Why is it a TERRIBLE idea to have life insurance on a child?
Children cost you money. They don’t make you money in almost all cases. Buy life insurance on those who feed their family with their earned income, not with the smaller members of the family who consume that earned income. The chance your child would die is incredibly small. Focus on probability and not possibility when looking at this issue.
If you are concerned about the unlikely, but possible burial costs, that is what your emergency fund is for. Build that up and take that money you were spending on life insurance and put it toward something important like your debt and/or saving and investing for your future and your children’s future.
P.S. Avoiding learning about this issue from a life insurance agent. The conflict of interest he/she has, tells us they cannot provide unbiased advice on the issue. See independent sources when learning on these important topics. Learn more by reading, Financial Happine$$.