Well, not really that morbid but I am going to skate really close to the issue of "what if one of your kids were to die before you?"
I know its not a fun topic. It ranks up there with making out your Will and having the discussion with your wife on if you should pull the plug should you wind up in a vegetative state. This topic is probably worse though. Both my parents and my wife's have had the unfortunate circumstance of living beyond one of their children. My wife's brother passed away many years ago due to a bicycle accident and my sister collapsed out of the blue playing recreational volleyball.
Now I'm not here to have a pity party on behalf of my wife and I's losses. We have coped with them and have moved passed. What I want to talk about today is what happens if one of your kids passes. Are you going to be prepared? Mentally, I don't think anyone could be prepared, but what I am talking about is Life Insurance. Trust me I'm not starting an insurance agency or anything and will totally delete anyone's comments on this post that try to sell it.
As I have mentioned on her before, my middle daughter has recently been diagnosed with McCune-Albright Syndrome. Hardly a life threatening disease but something we will need to monitor throughout her life.
About the same time we were going through all the diagnosis stuff and other fun, we met with our Financial Adviser (same person who gets us our life insurance) to get our youngest set up for a Savings account he can't touch and life insurance. We've done this exercise with our other kids shortly after their births. When we sat down with our Adviser she thought that it might be a good idea to bump up our girls policies also. We agreed and filed the paperwork.
Our Life Insurance provider sent us a letter back stating that Lucy (our middle) was denied any more coverage due to her diagnosis of McCune-Albright. Of course my wife and I were kind of taken back with this news, but also looking at the big picture, we thought, if we wouldn't have signed her up right after she was born, she wouldn't be able to get any life insurance. I do want to make a small disclaimer that we aren't talking about a large sum of money, just enough to cover some funeral costs.
**I will say this again, if anyone leaves a comment on here trying to sell Life Insurance, it will get deleted. This is meant to be an informative post for parents, not a free for all for Insurance agents.