Tuesday, February 5, 2013

Infant Life Insurance

Right now Mike and I are in the process of searching for a Life Insurance policy for Jet. When I was pregnant with Olivia I got a ton of mailers for Gerber Life Insurance and thought it was morbid and bad luck to even consider it, so I didn't. I'm sure a lot of parents feel the same way, and Insurance Companies know that, so they've come up with a lot of great policies that turn into savings accounts once the child reaches a certain age.

Life Insurance is SO important, I can't stress it enough. Had it not been for her Dad being in the ARMY, Olivia wouldn't have been covered and funerals are expensive! I was still left with a few bills since he had spent the rest of the money before everything had been paid, but at least $5000 was put toward her burial and viewing. That $5000 included a discount due to her being an infant, the plot, half of the headstone, the casket, the viewing, and the burial. I still had to purchase the flowers for her casket, the other half of the headstone, and had to pay for the medical bills once they started rolling in. I know it's scary to purchase a policy and imagine your little one leaving you, but it's worth it.

Here are the two policies that we're looking at now (These are estimates. Please contact your insurance company or the companies below to get more information):

American Family Insurance:
$25000.00 policy is $20.29 a month for 10 years.
The premium never increases
At the 10 year mark the policy is paid in full and $2150 can be cashed out, or you can leave it with American Family and it will continue to accrue interest.

Gerber Life Insurance:
$25000.00 policy is $15.30 a month. (They have other coverage and premium options though if you would like less coverage)
The premium never increases
At age 21 your child becomes the owner of the policy
At age 25 your child can receive the amount of premiums you paid

Again, these are estimates. The reason we are looking at American Family is because they are our primary insurance company. I really think that Gerber sounds like a great plan though, so that's why we're considering them instead. I still have to ask them a few more questions and will post my findings in the comment section of this post, and if you know of any other insurance plans for children please let us know! :)

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