Quote:
Originally Posted by L-Pink
Do people have life insurance for their kids? I guess some do, but it sounds strange.
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You never heard of Gerber Life? Yeah, the Gerber baby food company, sells life insurance to new parents.
It only costs a minimal amount. Mostly it's sold a a college savings plan. Or by buying the insurance for a baby, you can renew later for higher values, but cheaper than buying a new policy as an adult.
I used to work for a major company that had a lot on money in various state treasure's unclaimed funds. My job was to reclaim that money. About $750,000.
So I now search every 6 months for all my friends and family. I have found several amounts for my mother. One was a 1932 MetLife insurance policy my grandparents took out on my mother the year she was born. They probably paid a dime or quarter a month to a guy who would come round once a month to collect. Probably a $100 policy. When I reclaimed it, pay out was over $400, from the face value and accrued interest. When you figure that interest rates from 1930 to 1970 were next to nothing that's not a bad return.
Did a lot worse with my 18,000 shares of Enron.