Reader question:

Should I buy life insurance coverage for infant child expenses?

Stephen

Good question.

Life insurance coverage for infant child is something that many companies are pushing on new parents when they come in to buy a policy. In those first few years of life, when everything is new, scary, and surprising, it is very easy as a parent to be influenced by fear for the well being of your child. But is baby life insurance really necessary?

Although arguments can be made for buying small life insurance riders to your policy for older children, life insurance for infant child does not even have the benefits of these. For an older child, a life insurance policy could be used to cover the high cost of funeral expenses in the event of a death, and could cover the recovery time you may have to take off of work while mourning.

However, for a baby, even if they do tragically pass away while still tiny, these funeral expenses are not such a huge deal. Most funeral homes will bury a baby for free, and allow services at no cost as well. If this should happen to your child, you can call your local hospital, funeral home, or welfare office to find out more information, although it may be a good idea to be prepared ahead of time.

take care,

Fashun.