Life Insurance For SK's
Im wondering if anyone has any issues with life insurance policies when it comes to the SK's. I have two SD's. Both of them have two life insurance policies that BM's Mom took out for them when they were babies. BM has since taken over payments on the policies. My question is that BM asks us for half of the premium 6 times per year.
We have always paid it without questioning but I recently asked DH if he had copies of the policies, had anything put in the divorce decree about it, knew what it covered or who the beneficiary was, etc. He pretty much knows NOTHING about these policies. Im wondering what other families have done with regards to these types of policies after their divorce?
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From what I've leared - why
From what I've leared - why would kids have life insurance policies? Those Gerber policies are just really a waste of money. You should really only need life insurance when you become an adult - Dave Ramsey recommends 10x your annual salary in term life insurance.
The policies i'm familiar
The policies i'm familiar with are term life that will mature when the kids are like 25 and more act as savings plan. Our hope was that it would provide our kids with a down payment on their first home or a wedding or possbily college.
I think those are called Cash
I think those are called Cash Balance policies and you would probably get a better rate of return to put them into something like a 529 or a mutual fund. May be something you want to research.
my ex and I had similiar
my ex and I had similiar policies on our kids and I paid the premiums after we divorces for about 3 years. Then I realized that he is the only beneficiary of them and the company wouldnt' even accept a phone call from me to change the banking information to make the payment.
they are covered in our divorce decree that says the proceeds will be split or given to said child when it matures.
my goal now is to make sure the kids know that they were a result of planning that their father and I took when they were kids. that he and I both contributed because we wanted them to have a head start in life.
I hate that I have to battle to find recognition but my ex is famous for trying to make me look like I don't care and he is 'super dad'.
Thats what Im wondering...if
Thats what Im wondering...if it does act as a "savings plan"...I dont trust her one bit to make sure the kids get anything out of it and we have no idea who the beneficiary is or what the policy reads because we dont have anything. There is nothing spelled out in the divorce agreement about it. I dont want to go back to court for something so small and I dont really want to rasie a fuss with BM if it isnt worth it?
I think when I spoke about it
I think when I spoke about it I used the example of college and I may have not have the right terminology. Term might have been wrong, could be whole life I am thinking about. In any case, my experience is with they type that will mature with a cash payment available at a determined place in time.
I have a life insurance
I have a life insurance policy through my employer for my son. it's not a lot. but god for bid, something was to happen to him. his funeral would be covered.
I pay for this myself. this has nothing to do with his father. he would not be getting any money. what ever amount might be left will be donated to the JROTC.(Junior Reserve Officers' Training Corps)
Nope, we have a policy on our
Nope, we have a policy on our son (my SS) but the SpermClan is not a beneficiary nor is it likely that they have a policy on either our son or his three younger out of wedlock half sibs. If something were to happen to one of the younger spawn I have no doubt that THEY would try to guilt my son (SS) in to helping cover funeral costs.
For sure I would not be paying for a policy that BM holds on the Skids. Odds are if something happened to them BM would take the insurance money and expect your DH to cover the funeral arrangements.
I would not pay a dime for a life insurance policy that benefited the SpermClan in any way.
But, I am just shallow that way I guess.
Best regards.