First of all, there are 3 issues in my mind on this.
1. Covering loss.
Yes, I do agree that you don't need to replace the lost income of a child but a funeral costs $10,000 and there actually may be a time where a mother or father has to grieve and take a leave of absence from work.
2. Term vs. Universal.
Gerber is a universal/cash value life insurance. Back to point 1, if you really think you would need a leave of absence, for much less, you could just buy a simple term policy to insure the child.
3. Tax implication
The one advantage of a whole life insurance policy is that it is not counted as an asset when your child applies for financial aid. So. . .if you have a $25,000 cash value policy on your child come college time, he or she still may get loans or grants.
However, in relation to #3, you have tax advantaged accounts like 529's and UGMA's that to me, would offset any grant/scholarship possibilities that the child would be eligible for.
In short, if you are close to fulfilling the policy, I may just leave it alone. If you are years away, you may want to surrender it, get out, and invest it better elsewhere and just buy a simple term policy if you are that worried about the financial/emotional loss.
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