Life Insurance for Child

[Mehita]

Has anyone been able to successfully get life insurance (meaning not paying a crazy amount of money) for their IBD child POST diagnosis? Details appreciated.

From what I've read elsewhere, it's nearly impossible to get a life insurance plan for reasonable rates as an adult. Wondering if getting one for him now, as a minor, might be better?

 

[Mr chicken]

Bigger question
Why ?? The need at age 15
Things change quickly including medicines and policies
Since life insurance is for the living and most 15 don't have that many responsibilities
Not seeing the need even in your twenties
Once you have a job they tend to offer life insurance as part of employment which covers basic
But still not seeing the need for a child or even young adult

Why stress now ....
Worrying is paying for a debt now that you may never actually owe with interest


There is gerber life grow up plan
That starts for infants but that is all I know

My 2 cents not worth the extra stress on something he may not need purchase for 10-20 years

 

[Mehita]

Bigger question
Why??

My 2 cents not worth the extra stress on something he may not need purchase for 10-20 years

That's just it, he may not qualify in 10-20 years. SIL has Colitis and is being turned down left and right right now. Her employer doesn't offer group life.

DH's company just cancelled group life insurance and we're shopping around, mainly for DH, but we've had a couple agents advise that DS likely won't ever qualify. While he doesn't have "responsibilities" now, hopefully someday he will.

Just trying to gather info and input.

(Multiple funerals lately... I'm in a doom and gloom phase right now)

 

[DanceMom]

I think it's awesome that you're planning for the future and the what-ifs. Some of us are still stuck in the day to day survival mode.

 

[crohnsinct]

If it is hard for an adult then I can't imagine it being any easier for a child. Even if it were and you got a small policy, when he got married and had dependants and wanted to up it, he would have to go through the same strict approval process and high premiums.

 

[Mr chicken]

Look at it this way
Life insurance is not free money when you need it
Start saving now instead with a financial planner
On what may be needed in x number of years and figure out what you would need as a monthly thing best investment etc for your time period
The when he is married it accuries interest and not big premiums
It's his for later it if it's needed

 

[CrohnsKidMom]

Love them as a do, but I know my kids are hardly a financial asset to the household. With this in mind, it does not make sense to me to pay premiums on an insurance policy for them. I agree with Mr. Chicken that it would make more sense to save/invest the money you would normally spend on premiums.

I'm speaking from a Canadian perspective, but any medical condition would have to be declared on a new insurance policy, even for a child. And you'd have to keep in mind that there is always a pre-existing clause (the length of which varies policy to policy). Any claim submitted during this length of time for a pre-existing condition would be denied. Once an adult, if your child were to switch policies, or insurance companies, a new pre-existing clause would apply again. Also, some companies may offer a policy, but decline any claim relating to the known medical condition at the time of the application.