I got a life insurance policy from my parents when I was a kid. Now, I have learned that I have a genetic condition that means I can't qualify without a lot of payments. I'm happy they did that.
I lost a baby, as a single mom I didn’t have the money, it cost 6k+ for a child’s funeral ten years ago, not including her headstone. A child’s life insurance policy is smart to have until you have enough savings built up. Tomorrow isn’t promised for anyone.
Not if they have a ? that's important to the caller... isn't that the purpose of a call-in show...to help. Apparently she had another ? which she was not allowed to ask while we listened to general Ramsey memories...yes entertaining...but 1st & foremost the call is to be educational for the caller & other audience members that are worrying, confused or in need of an explanation
My mom got life insurance on me and my sister when we were born. 10k, just enough to bury us if lord fodbid something happened. My mom had had a few miscarriages though so she had experienced loss, and was aware of what could happen. She also was poor, my dad was an alcoholic and didnt work. Without insurance she wouldn't be able to have a funeral. So we were raised aware that there was life insurance, and when myself and my sister had kids, we got life insurance on them. My nephew has 10k. My son has 10k. My mom still has 10k on my sister, but she increased mine to 100k because im raising my son as a single mom, and if something should happen to me - my mother will become my sons guardian. So we talked about it, and we increased it to 100k because that would help her raise my son, and help cover anything he needs if the need arises. I graduated nursing school, and work as a nurse. But my son is special needs. So i live mostly paycheck to paycheck. Lord forbid something happen - theres no way i could afford a funeral and burial without the life insurance. Ive had friends make extremely shi*ty comments about the fact i have life insurance on my son. They act as if I WANT something bad to happen to him. It makes me so mad. I just tell them - No, I dont WANT something to happen. I just know if a car wreck happens tomorrow or some tragic accident and i lose my son - on my own i couldn't afford a funeral. With the life insurance, i dont have to worry about it at all. At least i wont be fooling with a gofundme like yall would be doing.
Yes. Same with my family. It’s been done that way for generations. I know too many people who have died without enough money to cover basic funeral, burial, or cremation costs. It’s very sad. Much better to be prepared.
I wouldn’t even tell them about it, your friends. I think these thoughts come from Ignorance and media. You know, those lifetime movie’s sensationalized life insurance. I’m a single woman, no children. When I marry I’m taking a policy out on my husband. If I have a child, I’ll do the same. If they have a child, I will add them as the beneficiary.
My parents purchased a "whole" life insurance for me when I was 2. I've used the cash value as an adult - once when I had to learn a hard lesson in credit card debt out of high school. A BIG thing to understand is Cash Value for a down payment on a house is only good if you're selling or have equity in a current house. Otherwise you'll risk losing the value of the insurance policy. We used it for a down payment on a new house and were able to because it's not considered a loan. It's cash value that doesn't require repayment. It helped us go into a new home without a contingency for selling our current home. Then we were able to deposit back in the cash from the proceeds of the sale. I think a whole life policy for a newborn is a great vehicle, for not much money - not a million dollar policy, but 50k - 100k.
I don't like the argument that you're not dependent on a child for income. If one of my children passed, i don't think i could work for six months. So insurance on kids should just give parents a cushion in case they can't cope🤷🏽♀️
If you child doesn't go to college you have to pay tax on all the money as well as 10% - set up an account that doesn't have to go towards something the child may not want to do 18 years from now.
Can you share the actual downsides of getting life insurance for the baby. I didn't listen to the last 2 minutes but the first 5 just shared that you thought it was stupid. Why is getting whole life insurance and using that as an investment tool for your child a bad idea? Are there tax restrictions or other hurdles that make it less attractive of an investment opportunity.
A low whole life insurance policy is a good idea for your kid like 25k or 50k that cost $15 a month. Reason be I could not see haggling with the funeral direct about my deceased child’s funeral expense in front of my grieving wife. It’s not for investing in the future.
Plus, if your child becomes ill and is uninsurable then it’s one less thing to worry about and they have an inexpensive policy when they become an adult. I purchased whole life policies for each of my kids because the premium was low and I knew it would be one less thing for them to purchase as an adult. I didn’t really do it as an investment. I did it because life insurance policies for a baby are cheap versus a 30 or 40 year old trying to buy a policy.
The argument for baby LI is not college. The broker tells you if the kids gets cancer in the future he won't be insurable. So the policy early on garantee they will have life insurance when they're old enough to have a familly. But it is stupid expensive to do that for 20 years or what ever.
Could not disagree more. Build a policy that gives the kiddo options in the future. The cash in the policy won't fund college, but it can help with tuition, books, first car, down payment on a house, etc. Find it for 16 years, then have the young man start paying the premiums. Plenty of terrible things happen to kids. The life ins for a kid is about paying back medical costs and the purpose changes when they're an adult.
Because you're using the baby to make RUclips videos to make a fortune? I guess that's the only good reason I can think of to get life insurance but even then I'd say invest in a better career.
Nothing wrong with max funding a VUL. Down the road the kid will have access to loans from the cash value and depending on growth could have a massive amount for retirement
They must be given a time limit to state a question with how fast he hits the button sometimes. It’s a radio show and now RUclips content, so it’s the personality of the host is the focus. But it is slightly cold from the host to not let the audience be more engaging.
I got 20 years term life for my son. 20 years later he could cash it out to pay for his ‘if’ “student loans” or use it as a down payment on a mortgage.
I don't want to wish this on anyone, but what would you do if you baby passed away? Would it cost money to bury your baby? Would you need to take time off from work to grieve? If your baby doesn't have some kind of mutant healing factor that will make them borderline immortal, you should probably get a life insurance policy. Also, sometimes people develop health conditions as they grow into adulthood that makes them uninsurable. One day your baby could be a hard working, wage earning adult, who NEEDS a substantial amount of life insurance, but they won't be able to get any because their health does not permit. If you buy a policy for your baby that has a GUARANTEED INSURABILITY RIDER, they will be able to get MORE life insurance at a later date without having to provide proof of insurability. There are very valid reasons to buy a life insurance policy on your baby besides college planning. Dave doesn't always give the best advice.
It's better to just pay for those things in cash. Save the money you would have invested in life insurance, and pay in cash if something unfortunate happens.
exactly. the fact that anyone wouldn't put a life insurance on their child is mindblowing to me. Dave is wrong with the fact that he is saying people are using it as an investment. no people use it for if anything happens to the child at the very least funeral expense would be paid for.
I read the title "should we get life insurance on our baby" hahaha welcome to Jessie's insurance how would you like to assure your baby today my name is Denis the menus
I know this is old but babies die insurance is never a bad idea secondly 529 isn’t promised if your child doesn’t go to college like I love Dave but every body situation is different
Not if you have someone else that is dependent on your income, such as your spouse. But if nobody would be financially worse off without your income if you were to die, then you don't need life insurance.
@@archiejr6730 What about your family who has to come up with the money out of pocket for your funeral because you were selfish and died with no life insurance?
There are many types of life insurance policies. She did not specify which exactly she was being offered for her baby. Term and whole life is absolutely stupid for a baby. However, there are policies that help your money grow (of course with insurance cost involved), but eventually it adds up to a lot of money for the child's eventual retirement. These are the IUL policies (Index Universal Life).
Another example of Dave going on about things he doesn't understand. Also at some point he has lost the perspective of people who have very little in the bank and depend on going to work every single day for the check to come in. Life insurance on infants is a great idea and doesn't cost much either.
Just me, and I'm not a parent but I'm pretty sure if my child dies at a young age the least thing I'm gonna be worried about money lol. I mean seriously, your kid dies or grandchild dies are you really gonna be happy if 100k dollars shows up in the bank account? I mean sure you could pay off your mortgage but I'm pretty sure you'd rather pay 10 million billion dollars to get your kid back anyway. Now, if your kid unfortunately develops like severe down syndrome or something where you have to basically take care of them for the rest of their life and all of the medical bills and everything going on with it and there's maybe a higher chance of them dying from this condition and you don't want to be stuck with the tens or hundreds of thousands of dollars of medical debt you may or may not have if that happen then I would say go for it. But at that point they may be uninsurable or have extremely high insurance rates anyway. But either way, getting a chunk of money after your kid dies isn't really going to make you feel better.
That's the only reason why I can see this being plausible. I mean kids get sick and die, it's a harsh reality but they do and it cost money to bury them.
The idea of buying life insurance for a child, is to have money for their funeral and gravestone (it's not about getting rich.) But, I think the chances are slim enough, one would be better off skipping the life insurance, and dealing with the situation in the rare event it happened with life insurance or 401k loan.
🤔 I'm a daughter of da savings bond generation...wen you least suspect it... advice from Uncle Dave dats not in da "baby steps". Monday plans, cash out da rest of da savings bonds 😜
a life insurance policy so if the baby dies, you can afford the expenses of a funeral and burial. But they seem to asking about whole life insurance instead.
@@Mehwhatevr that's why i want my wife to put my corpse in a wheelbarrow and put me out in the woods for the coyotes and vultures. it's where god intended us to go when we die
@@gusmueller4413 that's fine for you, I don't really care what happens to my body when I die either. But most people couldn't do that with their child.
This is to say, I disagree with Dave and just want people to understand the other side. It's a fantastic investment if you keep it whole life. Term life is nearly impossible to afford or even purchase end-of-life. You know, when people need it.
@@chrisbrown18andup insurance is not an investment. Whole life has been thoroughly discredited as a garbage product. It’s marketed only to stupid broke people
@@chrisbrown18andup why would you need an insurance policy at the end of your life? You generally won't have dependents when you're old and saving up 10k isn't that difficult for most people. I'm genuinely asking, why would someone need insurance at the end of their life?
@@jimjones6901 the reality is, not everyone dies of old age. I am a single mother by choice through adoption at 31 and my kids would be orphaned if God forbid I die. Again, lots of glass half full folks out there which is great, but life is not all rainbows and unicorns.
![Gunna - HIM ALL ALONG [Official Video]](http://i.ytimg.com/vi/w7Wf0h1Q8a4/mqdefault.jpg)
I got a life insurance policy from my parents when I was a kid. Now, I have learned that I have a genetic condition that means I can't qualify without a lot of payments. I'm happy they did that.
I’m glad you told me that
Oh wow. That certainly presents a different perspective.
Awesome! I’m happy and sad for you
I lost a baby, as a single mom I didn’t have the money, it cost 6k+ for a child’s funeral ten years ago, not including her headstone. A child’s life insurance policy is smart to have until you have enough savings built up. Tomorrow isn’t promised for anyone.
Yes, that is exactly what the life insurance funds are for. Very sorry for your loss.
Its called cremation
Very sorry for your loss. I agree with you.
My wife and I have life insurance policies for ourselves and our kids.
Your 100% right, my dad had to bury my sister she was 16 yrs old. You never know what tomorrow holds.
So sorry for your loss and honestly believe life insurance is a good idea if it is seen as insurance and not an investment.
I love it when Dave shuts the caller by pressing the button 🤣🤣🤣
Beat me to it! 😂🤣😅
Not if they have a ? that's important to the caller... isn't that the purpose of a call-in show...to help. Apparently she had another ? which she was not allowed to ask while we listened to general Ramsey memories...yes entertaining...but 1st & foremost the call is to be educational for the caller & other audience members that are worrying, confused or in need of an explanation
@@tonitoni2045
I think we were both saying it in a sarcastic/ ironic way.. At least I was. Because of the very same reasons you're expressing.
We all want the best for our kids, there’s definitely no dumb questions trying to prepare for our kids futures 😁
My mom got life insurance on me and my sister when we were born. 10k, just enough to bury us if lord fodbid something happened.
My mom had had a few miscarriages though so she had experienced loss, and was aware of what could happen. She also was poor, my dad was an alcoholic and didnt work. Without insurance she wouldn't be able to have a funeral.
So we were raised aware that there was life insurance, and when myself and my sister had kids, we got life insurance on them.
My nephew has 10k.
My son has 10k.
My mom still has 10k on my sister, but she increased mine to 100k because im raising my son as a single mom, and if something should happen to me - my mother will become my sons guardian.
So we talked about it, and we increased it to 100k because that would help her raise my son, and help cover anything he needs if the need arises.
I graduated nursing school, and work as a nurse. But my son is special needs. So i live mostly paycheck to paycheck.
Lord forbid something happen - theres no way i could afford a funeral and burial without the life insurance.
Ive had friends make extremely shi*ty comments about the fact i have life insurance on my son.
They act as if I WANT something bad to happen to him.
It makes me so mad.
I just tell them - No, I dont WANT something to happen. I just know if a car wreck happens tomorrow or some tragic accident and i lose my son - on my own i couldn't afford a funeral. With the life insurance, i dont have to worry about it at all. At least i wont be fooling with a gofundme like yall would be doing.
Yes. Same with my family. It’s been done that way for generations. I know too many people who have died without enough money to cover basic funeral, burial, or cremation costs. It’s very sad. Much better to be prepared.
I wouldn’t even tell them about it, your friends. I think these thoughts come from Ignorance and media. You know, those lifetime movie’s sensationalized life insurance. I’m a single woman, no children. When I marry I’m taking a policy out on my husband. If I have a child, I’ll do the same. If they have a child, I will add them as the beneficiary.
• 529 plan
• Life insurance for the kids
• Custodial account (index/mutual funds and stocks)
My parents purchased a "whole" life insurance for me when I was 2. I've used the cash value as an adult - once when I had to learn a hard lesson in credit card debt out of high school.
A BIG thing to understand is Cash Value for a down payment on a house is only good if you're selling or have equity in a current house. Otherwise you'll risk losing the value of the insurance policy. We used it for a down payment on a new house and were able to because it's not considered a loan. It's cash value that doesn't require repayment. It helped us go into a new home without a contingency for selling our current home. Then we were able to deposit back in the cash from the proceeds of the sale.
I think a whole life policy for a newborn is a great vehicle, for not much money - not a million dollar policy, but 50k - 100k.
I don't like the argument that you're not dependent on a child for income. If one of my children passed, i don't think i could work for six months. So insurance on kids should just give parents a cushion in case they can't cope🤷🏽♀️
This is what my concern is. If something happened to one of my children I wouldn’t be able to work for a very long time
If you child doesn't go to college you have to pay tax on all the money as well as 10% - set up an account that doesn't have to go towards something the child may not want to do 18 years from now.
Can you share the actual downsides of getting life insurance for the baby. I didn't listen to the last 2 minutes but the first 5 just shared that you thought it was stupid. Why is getting whole life insurance and using that as an investment tool for your child a bad idea? Are there tax restrictions or other hurdles that make it less attractive of an investment opportunity.
If the grandparents want to get a low cost life policy for the child in case something happens let them. The parents can start the 529 account.
A low whole life insurance policy is a good idea for your kid like 25k or 50k that cost $15 a month. Reason be I could not see haggling with the funeral direct about my deceased child’s funeral expense in front of my grieving wife. It’s not for investing in the future.
Plus, if your child becomes ill and is uninsurable then it’s one less thing to worry about and they have an inexpensive policy when they become an adult. I purchased whole life policies for each of my kids because the premium was low and I knew it would be one less thing for them to purchase as an adult. I didn’t really do it as an investment. I did it because life insurance policies for a baby are cheap versus a 30 or 40 year old trying to buy a policy.
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The argument for baby LI is not college. The broker tells you if the kids gets cancer in the future he won't be insurable. So the policy early on garantee they will have life insurance when they're old enough to have a familly.
But it is stupid expensive to do that for 20 years or what ever.
if you do it when the kid is 1y, you can set up at 10 or 15 year pay and it will cost you nothing.
3 of my clients children would not qualify today. Glad we did it. One of them used the living benefits for cash on hand. Good to have.❤
What people fail to realize is that life insurance also has living benefits
5:00 Dave just hangs up on her mid question😂
He doesn't hang up on her. He just mutes her.
@@telegramatblain_2479 scammer
@@jimroscovius same thing
My 1st grandchild.
GREAT INFO. I sent this to my Son in law IMMEDIATELY.
🤑🤑🤑😁😁😁
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@@telegramatblain_2479 scammer
Life insurance isn’t a end all be all but it’s a good tool in my tool belt
Could not disagree more. Build a policy that gives the kiddo options in the future. The cash in the policy won't fund college, but it can help with tuition, books, first car, down payment on a house, etc. Find it for 16 years, then have the young man start paying the premiums.
Plenty of terrible things happen to kids. The life ins for a kid is about paying back medical costs and the purpose changes when they're an adult.
$10k put into a index fund for a kid at birth would be $1.6 million at age 65, $121k at age 21 with nothing else added historically.
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But a 529 is a tax deferred. And you can’t do a Roth until 16 and they earn their own money. Subtract taxes and inflation.
No! What on earth does a baby need insurance for? In case it can't support its parents?
Because you're using the baby to make RUclips videos to make a fortune? I guess that's the only good reason I can think of to get life insurance but even then I'd say invest in a better career.
To be honest, maybe pay for a funeral if the baby dies. I know that sounds crazy but it's a reality
One reason is to guarantee coverage for them as an adult should they be diagnosed with any uninsurable condition during childhood.
The original purpose of life insurance was to pay funeral expenses.
@@teacherchristina6651 My dad did this for me, and I wound up not having kids.
Wow, Dave was cold with the mute button
Nothing wrong with max funding a VUL. Down the road the kid will have access to loans from the cash value and depending on growth could have a massive amount for retirement
They must be given a time limit to state a question with how fast he hits the button sometimes. It’s a radio show and now RUclips content, so it’s the personality of the host is the focus. But it is slightly cold from the host to not let the audience be more engaging.
So investing in IUL is not worth it for a baby, which is more flexible than i529 ? Can someone explain me why ?
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Caller “we are expecting a baby any day now”
Dave “what is it”
Caller” a chinchilla”
Dave:
Life insurance policies for babies are to cover funeral and burial expenses for the child or the adult that the child will become.
Yep, but adding a child rider to the parent's term life policy is just a few dollars a month. No need for a big separate policy for the kid.
@@MCgrease08 The child retains the policy through adulthood. It should be a separate policy.
@@yankeefrugal A bad purchase. Whole life insurance is 20 times more expensive than term on adults.
@@astroman30 my comment was not about adults it was about babies
Interesting facts probably gonna get one after more research
In NY filing jointly you can write off up to 10k per year.
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@@telegramatblain_2479 scamme r
I got 20 years term life for my son. 20 years later he could cash it out to pay for his ‘if’ “student loans” or use it as a down payment on a mortgage.
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you can cash out a term life policy?
I hope you are being sarcastic!
I don't want to wish this on anyone, but what would you do if you baby passed away? Would it cost money to bury your baby? Would you need to take time off from work to grieve? If your baby doesn't have some kind of mutant healing factor that will make them borderline immortal, you should probably get a life insurance policy.
Also, sometimes people develop health conditions as they grow into adulthood that makes them uninsurable. One day your baby could be a hard working, wage earning adult, who NEEDS a substantial amount of life insurance, but they won't be able to get any because their health does not permit. If you buy a policy for your baby that has a GUARANTEED INSURABILITY RIDER, they will be able to get MORE life insurance at a later date without having to provide proof of insurability.
There are very valid reasons to buy a life insurance policy on your baby besides college planning. Dave doesn't always give the best advice.
What about final expense insurance should something unfortunate happen?
It's better to just pay for those things in cash. Save the money you would have invested in life insurance, and pay in cash if something unfortunate happens.
If you can’t afford something pretty small like a funeral don’t have children
That's where the emergency fund comes in.
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@@telegramatblain_2479 you are a scammer
How about if it builds cash value
Mindset was already wrong when she said, " life insurance shouldn't be needed for baby since there's no income." Dumb statement lol
exactly. the fact that anyone wouldn't put a life insurance on their child is mindblowing to me. Dave is wrong with the fact that he is saying people are using it as an investment. no people use it for if anything happens to the child at the very least funeral expense would be paid for.
I read the title "should we get life insurance on our baby" hahaha welcome to Jessie's insurance how would you like to assure your baby today my name is Denis the menus
Christy looks like Nina Arianda from Goliath (Amazon Series)
Yeah, if you're thinking of offing him??
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😮
I know this is old but babies die insurance is never a bad idea secondly 529 isn’t promised if your child doesn’t go to college like I love Dave but every body situation is different
Is it a waste of money to have life insurance with no kids
Not if you have someone else that is dependent on your income, such as your spouse. But if nobody would be financially worse off without your income if you were to die, then you don't need life insurance.
What about your spouse who has to go on without your income after you die?
@@AllynHin no I’m single
@@archiejr6730 What about your family who has to come up with the money out of pocket for your funeral because you were selfish and died with no life insurance?
@@AllynHin You must have a lot of friends....
I'm still confused what a life insurance policy on a baby is.
If the navy dies the parent are given money
Nice work 🎆✨🎇
There are many types of life insurance policies. She did not specify which exactly she was being offered for her baby. Term and whole life is absolutely stupid for a baby. However, there are policies that help your money grow (of course with insurance cost involved), but eventually it adds up to a lot of money for the child's eventual retirement. These are the IUL policies (Index Universal Life).
If you want to help their retirement, start a target date fund in their name.
Another example of Dave going on about things he doesn't understand. Also at some point he has lost the perspective of people who have very little in the bank and depend on going to work every single day for the check to come in. Life insurance on infants is a great idea and doesn't cost much either.
Dave Ramsey: Yaaaaayyy
Me: Haha
Start the kid an UTMA or a 529
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@@telegramatblain_2479 you are scammer
Re-upload? Why does this happen?
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Start a 529.
@Eddy Edwards exactly!
Just me, and I'm not a parent but I'm pretty sure if my child dies at a young age the least thing I'm gonna be worried about money lol. I mean seriously, your kid dies or grandchild dies are you really gonna be happy if 100k dollars shows up in the bank account? I mean sure you could pay off your mortgage but I'm pretty sure you'd rather pay 10 million billion dollars to get your kid back anyway. Now, if your kid unfortunately develops like severe down syndrome or something where you have to basically take care of them for the rest of their life and all of the medical bills and everything going on with it and there's maybe a higher chance of them dying from this condition and you don't want to be stuck with the tens or hundreds of thousands of dollars of medical debt you may or may not have if that happen then I would say go for it. But at that point they may be uninsurable or have extremely high insurance rates anyway. But either way, getting a chunk of money after your kid dies isn't really going to make you feel better.
That's the only reason why I can see this being plausible. I mean kids get sick and die, it's a harsh reality but they do and it cost money to bury them.
I have a feeling the insurance company was trying to sell whole life insurance to the grandparents
It can also guarantee coverage as an adult if the child is diagnosed with an uninsurable condition during childhood.
The idea of buying life insurance for a child, is to have money for their funeral and gravestone (it's not about getting rich.) But, I think the chances are slim enough, one would be better off skipping the life insurance, and dealing with the situation in the rare event it happened with life insurance or 401k loan.
@@thelogicaldanger I mean I didn't mean it'd make you rich. But if your kid dies is money really going to matter to you?
🤔 I'm a daughter of da savings bond generation...wen you least suspect it... advice from Uncle Dave dats not in da "baby steps". Monday plans, cash out da rest of da savings bonds 😜
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Ok…. WHY is it stupid??
a life insurance policy so if the baby dies then lots of money? geh, that's betting against yourself in all the worst ways!
a life insurance policy so if the baby dies, you can afford the expenses of a funeral and burial. But they seem to asking about whole life insurance instead.
@@Mehwhatevr that's why i want my wife to put my corpse in a wheelbarrow and put me out in the woods for the coyotes and vultures. it's where god intended us to go when we die
@@gusmueller4413 that's fine for you, I don't really care what happens to my body when I die either. But most people couldn't do that with their child.
Whole life insurance can be crazy cheap for babies. Whole life cannot be canceled by the insurer, while term life can.
This is to say, I disagree with Dave and just want people to understand the other side. It's a fantastic investment if you keep it whole life. Term life is nearly impossible to afford or even purchase end-of-life. You know, when people need it.
@@chrisbrown18andup insurance is not an investment. Whole life has been thoroughly discredited as a garbage product. It’s marketed only to stupid broke people
@@chrisbrown18andup why would you need an insurance policy at the end of your life? You generally won't have dependents when you're old and saving up 10k isn't that difficult for most people. I'm genuinely asking, why would someone need insurance at the end of their life?
@@jimjones6901 the reality is, not everyone dies of old age. I am a single mother by choice through adoption at 31 and my kids would be orphaned if God forbid I die. Again, lots of glass half full folks out there which is great, but life is not all rainbows and unicorns.
@@SusGob711 which is why you would need life insurance right now, not when you're old, unless maybe your kids have special needs
Dave Ramsey has no clue what he’s talking about here!
So...you want to insure against emotional loss? Money fixes that for you? Kids are not providers...no need to insure them.
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