What type of Life insurance should I get on my daughter’s father?
My daughter’s father family does not acknowledge her even though they know of her and the father does not even talk to her. He also has two other kids. I told him I wanted to get a life insurance policy just for her on him in case something happens to him she doesn’t have to be without, I figure that’s the least he could do since he is in the arrears for child support. He wants a 250,000, and I told him no I want atleast a million because you have done nothing for her which she is 12. Should I get term or life.
Cindy
August 11th, 2008 at 11:18 PM
Sue
Who is going to pay for this policy? Do you know what a mil policy will cost monthly??? Who could afford such payments? I was told I couldnt take a policy out on my son’s father because we’re not related. So I had him take out the policy on himself BUT I make the payments and my son is the beneficiary and I am 2nd beneficiary. This way I dont have to do anything but pay the policy and I am owner of the policy, and there is nothing his father can do …(uh except die before me and my son that is)
August 12th, 2008 at 6:08 PM
Gregory
The most affordable option offering the most covergae would be level term life insurance.
You probably want a policy with 20 or 30 year level term life insurance protection.
One way to find out what the cost is for this coverage would be to compare free quotes online from a quality life insurance quote provider.
You can go to to request your free quotes for term life insurance.
You fill out one form and they give you up to 12 instant quotes from top-rated life insurance companies. If you like your quote you can apply online with no obligation.
The reason to compare several quotes is that life insurance rates may vary by up to 50% between insurers, so you or your daughter’s father may save hundreds of dollars per year by comparing the lowest rates from several insurance companies.
Make sure to compare rates at the levels you are interested in, such as $250,000 - $500,000 - $750,000 and $1 million. You may find the higher levels of coverage aren’t a whole lot more expensive depending on the health of your daughter’s father.
I hope that helps! Best of luck to you.
August 14th, 2008 at 4:32 PM
Leslie
Depends on who is paying and the age of the father and his health. I would suggest that if you are going to have to pay, get a term policy.
He would also have to financially qualify for a sum of $1 mill, so he would need to have the assets to support it.
Insurance companies will also want to know what other life policies he has in force.
The ‘better of dead’ synopsis comes into play with limits.
Check at least 3 companies for rates, rates and qualification criteria can vary. Also it will be more difficult to qualify for a permanent product than a term.
I would suggest a term product equal in length to an appropriate age for your daughter to take care of herself.
Hope this helps.