We recently changed our life insurance policies, and want to add our children to the policy. At this point for my son a $10,000 writer (?) is enough, but I wondered what we should do for our daughter (wcf).It has made me sick to even think about a policy for her let along getting a bigger one...but I was just wondering what some of you have done. Or if you have any suggestions.thanks,Christiemommy to twins malachi w/o cf and mylee wcf
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Life Insurance Policy Question
- Thread starter anonymous
- Start date
Christie, I have applied for life insurance for myself and was shot down solely because having CF. When you go to apply for your kids, I'm sure they will either ask about any illness/disease or perhaps even request a dna sample (swabbing the mouth). This was just my experience, so take it with a grain of salt. The other question I have for you is what you'd like this insurance to do for you. It's my understanding that ideally, parents will have life insurance to protect the families against financial disaster should something happen to one or both parents (the main breadwinners). "Term" life insurance does just this. "Whole" life insurance has other benefits and other motivations for having it (like potential future income, investments, annuities etc). Is it purely a death benefit you seek for your children? Pardon my ignorance, just trying to help <img src="i/expressions/face-icon-small-smile.gif" border="0">...and understand too. Ask your financial adviser about this.Wes
Thanks for the replies...our financial advisor asked me to "feel out" others who may have similar circumstances.At this point life insurance for either of our children would be soley death benefits. It makes me sick to even utter the words, but we also need to be prepared. Something could happen to our healthy son just as easily.We are hopeful that because she is a minor, she will be accepted.He did tell us about a policy that could apply to some of you...it has been used with cancer victims...it's where you purchase a policy of $25,000 and pay on it for 3 years, at the end of that 3 years (provided a death has not occurred), you can receive the money and purchase another 3 year policy. Might be something worth looking into.Thanks.ChristieMommy to two year olds (today!) Malachi w/o cf and Mylee wcf