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- Thread starter SoapyCy
- Start date
My childrens' life insurance is for 10k which gains value with time... and it stays with them for life. I have two kids. Grand total of 3 dollars a month. You go ahead and save your premiums and have a steak dinner at the end of the year.
And I thought I was frugal.
I didn't realize the premiums were that cheap - maybe not a bad deal after all - thanks for the info.
It has to be Farm Bureau, and I'm not sure if it's just their property and casualty policies that are tied to the fee, or if the life insurance products are as well.
Life insurance on a child is pretty cheap, we have $30k on both of our daughters, and they are $161 a year. As previously mentioned, most parents that buy insurance on a child are doing it in the even that the child passes young, they have to pay for hospital bills, funeral bills, and possibly having more time off of work than they have built up in PTO. It helps things bank roll until you can get back on your feet (oddly worded, as dealing with the death of a young child is something I don't wish on my worst enemies, which are you damn cyclone fans!
Kidding, on that part).
Plus, the earlier you buy life insurance, the cheaper it will stay versus buying it when you're 25 or 30 - speaking of whole life of course. And yes, I sell insurance, and no, I don't peddle life insurance.
Life insurance on a child is pretty cheap, we have $30k on both of our daughters, and they are $161 a year. As previously mentioned, most parents that buy insurance on a child are doing it in the even that the child passes young, they have to pay for hospital bills, funeral bills, and possibly having more time off of work than they have built up in PTO. It helps things bank roll until you can get back on your feet (oddly worded, as dealing with the death of a young child is something I don't wish on my worst enemies, which are you damn cyclone fans!
Kidding, on that part).Plus, the earlier you buy life insurance, the cheaper it will stay versus buying it when you're 25 or 30 - speaking of whole life of course. And yes, I sell insurance, and no, I don't peddle life insurance.
Whole life has it's place. I prefer to keep my investments separate from my insurance but i understand it's place in someone's portfolio. I think the OPs post wasn't to critique his lifestyle but to look for a graceful way out of an expensive proposition.
To that point - I got nothing. I don't like conflict.
I was in the same situation as you. I had insurance with my father in law. He worked in a town an hour away. I wanted to "do business in the community we live and work in" and wanted to change to our local town insurance agent. Plus we saved like $200 a year. My wife was a little concerned how he was going to take it. My FIL never batted an eye. He completely understood and thanked us for our previous business.
Also, at the time of the switch, my new insurance agent set my kids up as a rider on my wife's life insurance policy. They are covered up to $10K for $10 a year.
Also, at the time of the switch, my new insurance agent set my kids up as a rider on my wife's life insurance policy. They are covered up to $10K for $10 a year.
While people are talking insurance, make sure you read the policies over really good. I am facing an issue currently with my insurance company where they are denying me insurance under the pollution exclusion, due to the use of cleaning products.
As a company insured as a Janitorial services company this came as a shock to me. That I had been paying premiums for years, but my insurance would of never covered me if an incident with soap came about.
With the way insurance companies define a pollutant it can be very wide ranging in what they include in it.
So just a warning so you can prevent headaches I am having to face right now. Read every word of the policy then make sure you read it again. If something doesn't sound right make sure you check into it.
As a company insured as a Janitorial services company this came as a shock to me. That I had been paying premiums for years, but my insurance would of never covered me if an incident with soap came about.
With the way insurance companies define a pollutant it can be very wide ranging in what they include in it.
So just a warning so you can prevent headaches I am having to face right now. Read every word of the policy then make sure you read it again. If something doesn't sound right make sure you check into it.
One would sure think that your agent should have known to endorse (if possible...I don't write any janitorial services companies) pollution coverage. I don't know a single policy that it is automatically included on, but I can endorse it on about everything that we write.
Unfortunately due to this incident I am having to deal with my agents errors and omissions carry as well. The whole situation is a giant cluster ****, and it pisses me off that I am paying out thousands of dollars in attorney fees to defend myself.
I would make it personal to let him know youre serious. Call him a cheat and a liar to get his attention. Follow this closely by questioning his manhood.
This should ensure the conversation goes smoothly and adequately servers any potential relationship you could have had in the future.
This should ensure the conversation goes smoothly and adequately servers any potential relationship you could have had in the future.
Plus it is a whole life policy in most cases for kids so once they leave the home you can give them this small inexpensive policy to keep as a Yount adult.
I wouldn't be surprised if the guy jumping into the net, (he hopes), without a parachute is covered by your provider. They would probably cover him and hose you, I wish you good luck.
HoopsTournament
Well-Known Member
One thing to remember is that life insurance is based on issue age, so canceling now and buying from someone else is likely to have a large increase. For the other insurance, you should get a quote and compare to what you are paying. If it is lower, tell your relative that you are wanting to save money. If he/she can't get you a lower price, then you need to do what is best for you.
I think I know who your insurer is and it starts with an F. PM me. Insurance agent. Cyclone fan.
Edit: And yes, generally very little benefit to replacing life insurance policies as you'd be doing so at attained age.
Edit: And yes, generally very little benefit to replacing life insurance policies as you'd be doing so at attained age.
CycloneErik
Well-Known Member
Sure, but you can't plan on the day that surprise happens. The premium gets you the guarantee that the money is there at the right time.
That said, I don't have a policy like that for our daughter.
If the policies are actually as cheap as what people here are saying I don't think it'd be the worst thing to do. I just assumed it was gimmicky and the insurance agents used scare tactics and emotions to get you to buy something you don't need.