True or False?

[sparky31676]

What is the name of your state?
PA
When deciding CS, the court, if I request, can make NCP and myself carry a life insurance policy for support in case of loss of parent?
(not like I wish harm to ex - cackle)

 

[VeronicaGia]

What is the name of your state?
PA
When deciding CS, the court, if I request, can make NCP and myself carry a life insurance policy for support in case of loss of parent?
(not like I wish harm to ex - cackle)

True, but I'm personally against it. What if one party gets cancer and the cost of life insurance becomes insanely high or the party cannot get insurance at all? Besides, if the child is a minor, the surviving parent can apply for them on behalf of the child from the deceased parents benefits.

 

[LdiJ]

True, but I'm personally against it. What if one party gets cancer and the cost of life insurance becomes insanely high or the party cannot get insurance at all? Besides, if the child is a minor, the surviving parent can apply for them on behalf of the child from the deceased parents benefits.

Not if they buy whole life policies. Those premiums never increase.

 

[sparky31676]

Thanks to both. Now I know what type to request and get for myself.
As stated, I want the both of us to get them so if somthing happens to either, the wee one is taken care of financially.

 

[seniorjudge]

True, but I'm personally against it. What if one party gets cancer and the cost of life insurance becomes insanely high or the party cannot get insurance at all? Besides, if the child is a minor, the surviving parent can apply for them on behalf of the child from the deceased parents benefits.

What kind of life insurance has a premium increases when the person gets sick?

Also, when you are talking about applying for benefits, what are you talking about?

 

[haiku]

What kind of life insurance has a premium increases when the person gets sick?

Also, when you are talking about applying for benefits, what are you talking about?

term life, the most inexpensive route to life insurance, the rates will be higher for people with health issues. example, A healthy nonsmoking 30 year old can get a half million in coverage for 14 dollars a month, as opposed to say 40 a month for the same whole life policy. you need a physicla to open the policy, and your rate will reflect those results, and if you need to renew it for another 10 years if your kids are young, and had a health crisis in betwen you may be stuck. Whole life is really not an economical choice for most people. the cash in is not that big an advantage to warrant the extra cost.

the benefits are Social security benefits for survivors. Which the children would be entitled too until they reach 18.

I too think court ordering life insurance is ridiculous and up there with demanding college. We don't demand married couples get life insurance policies, and college educations for thier children.

The one good thing I can say is at least this poster is wanting both parents to have it.

My husbands ex wanted a 1 million dollar policy on my husband, at the time of the divorce. he demanded the same of her, and wouldn't you know the WHOLE thing got dropped, then. LOL Thank god because he would have had to spend the rest of his life looking over his shoulder..... (we have term life policies but she is NOT benificiary and because we are married neither I nor my husband can court order the other to keep them.....)

 

[nextwife]

A twenty year term policy (or 15 year, depending upon the age of the youngest child involved) can be had cheaply. The rate is fixed for the duration of the term! Each parent should have a policy against the other if they want that extra protection and they keep up the payments. I pay for (and own) the life policy against my hubby because it is I and our 7 year old who will benefit by having it!

And even with hubby over age 50, we were able to buy a couple of affordable policies (although not a million buckeroos).

 

[LdiJ]

A twenty year term policy (or 15 year, depending upon the age of the youngest child involved) can be had cheaply. The rate is fixed for the duration of the term! Each parent should have a policy against the other if they want that extra protection and they keep up the payments. I pay for (and own) the life policy against my hubby because it is I and our 7 year old who will benefit by having it!

And even with hubby over age 50, we were able to buy a couple of affordable policies (although not a million buckeroos).

Whole life policies are extremely economical in the long term. I have a whole life policy for my daughter that I got for her when she was a baby. She will be able to continue that policy for the rest of her life without the premium ever increasing. In addition it also has a nice chunk of cash value. (she is 17 now)

Although a 15 or 20 year term policy is also good...odds are that they are going to need to maintain life insurance permanently, even if the beneficiary changes after the children are grown.....and believe me that is going to cost a heck of a lot more money 15-20 years from now.

The younger you are when you buy the whole life policy, the cheaper it is.

My ex and I also agreed to maintain life insurance in our divorce. I had a whole life policy that I had purchased years before, but my ex insisted on term for him. He regretted it seriously when the term expired. His new rate was significantly higher than what a whole life policy would have been had he purchased one instead.

 

[haiku]

an article on term vs. whole
http://www.smartmoney.com/insurance/life/index.cfm?story=lifeterm&hpadref=1

an article on insuring children
http://www.bankrate.com/brm/news/insurance/kids-life1.asp

always do a little research before agreeing to something you may not be able to afford. So I have added some links to start.

(my mom was an insurance agent, she was not an advocate of insurance for children, or insurance for the 'average" person after thier children were grown.)

 

[nextwife]

Whole life policies are extremely economical in the long term. I have a whole life policy for my daughter that I got for her when she was a baby.

As ADDITIONAL policies, just to cover the CS obligation, especially if the insured is OLDER (My hubby was 50 when we married, 52 when we got kiddo) are way more affordable. I personally have a mix of whole life and term policies. Buying whole life when we became parents together (I was 44)would have been astornomical.

 

[LdiJ]

As ADDITIONAL policies, just to cover the CS obligation, especially if the insured is OLDER (My hubby was 50 when we married, 52 when we got kiddo) are way more affordable. I personally have a mix of whole life and term policies. Buying whole life when we became parents together (I was 44)would have been astornomical.

I agree...whole life policies are very expensive as you get older. That is why buying them when you are still young, or even buying them for a child, can be very beneficial.

To Haiku: My dad is also a retired insurance agent, and he is/was a big proponent of whole life policies for kids. I have to say that I am very grateful for the policies he purchased for me when I was a child. Its really nice being 47 and having life insurance that costs peanuts each month...LOL.

 

[sparky31676]

Thank You

I appreciate all the info. and links.
Even if I don't request it through the court for ex to get, I do think it's time for me to get it for myself and the kids.