Grown children and life insurance policites - is it necessary

Posted in Child Life Insurance over 2 years ago, 2 replies

I have term insurance policies on my 3 grown children 27,23,20) do I still need the whole life policies or could they be cashed in for needed cash.

submitted by Mj in USA

From your post I understand that you have both term life as well as whole life insurance on your kids. If you can afford to pay their premiums, I recommend that you keep them. However, if you find that the whole life premiums are too expensive, you could cash them out, and get your children to buy new, additional, lower priced term insurance coverage (remember to opt for a renewal or convertible policy so that your kids will be covered for as long as they need it). Life insurance premiums have come down significantly in the last decade, so if you have bought the policies a long time ago, this is a good time to do policy reviews. You might also find it useful to get free life insurance quotes on a reputed website like AccuQuote. The quotes will give you a fair idea about what you need to do.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

submitted by Denise in Wheeling, US @ August 04, 2010 - 02:20 AM

How do cash these policies out if they are in my grown children's name and I paid for them when they were kids?

For the cash surrender value?

submitted by JANICE in CALIFORNIA @ August 15, 2012 - 01:29 PM

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