We had our insurance agent over a few days ago to go over our life insurance policies. We've known for quite some time that we don't have enough, but didn't really have the energy or the money to anything about it.
We've had an insurance policy for the Monkey since he was about six months old. The reason for insuring the Monkey is not a morbid one, but a practical one. At the time that we started the policy I knew nothing about my biological health background, but we knew what Hubby's past could tell us.
Hubby has really bad asthma. One of his grandmothers died of cancer. One of his grandfathers died from heart problems. Forgetting about what my side of the family had to offer, the future of possible problems did not look good. Based on the information we had garnered, it would be extremely easy (and cheap) for the Monkey to increase the policy we purchased for him as an infant than for him to start one of his own should any of the above become a factor for him. So that's what we did.
Since the Monkey had a policy of his own, it was only right to get one for the Chipmunk. While were at it, we may as well see about increasing our own policies.
We went over what we would absolutely need and what we would like. We got quotes for all four of us. Then, the insurance agent (who is actually our neighbor, good friend, and father to our babysitter) informed us that for a mere $5 a month added to both mine and my husbands policy we could insure both of the kids for about the same amount as we would have insured them for individually - this worked out to be much less than had we decided to get them individual policies.
Why weren't we told about this when the Monkey was a baby?
Probably because insurance agents are greedy and don't want to divulge this information (we had not yet met our current agent/friend/neighbor).
So, consider this my gift to you.
If you have children (or will have children in the future) and your own insurance policies, you can add all of your children to your policies (they call it a rider (sp?)) for a fraction of the cost of getting them their own policies.