5 Things to Know on Children’s Life Insurance

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5 Things to Know on Children’s Life Insurance
News from ABC News:

Policies for children represent a small fraction of the life insurance market, but they made the news this week after a court hearing for a Georgia man accused of killing his young son by leaving him in a hot car.

Testimony and court documents revealed that Justin Ross Harris and his wife had two life insurance policies for 22-month-old Cooper Harris, one for $ 2,000 and one for $ 25,000.

Prosecutors have portrayed the 33-year-old Harris as an unhappy husband who was exchanging nude photos with several women. Defense attorneys say the death was a tragic accident. Harris remains in jail charged with murder and child cruelty.

The insurance policies were mentioned among numerous details from the evidence against Harris and weren’t singled out by prosecutors in their arguments.

Still, the case has drawn attention to policies that families sometimes purchase for children. Here are five things to know about the children’s life insurance market.

— HOW DO THE POLICIES FOR CHILDREN WORK? The policies are typically purchased by parents, grandparents or anyone directly related to the child, according to Steve Weisbart, chief economist for the Insurance Information Institute.

continues on ABC News

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Dad of son left in car told family to collect life insurance
News from Los Angeles Times:

While in jail, the father of a Georgia toddler who died last month in a sweltering SUV told family members how to collect on $ 27,000 in life insurance on the boy, according to search warrants.

Justin Ross Harris, 33, is charged with murder and child cruelty in the June 18 death of his 22-month-old son, Cooper.

“Through the investigation Harris has made comments to family members regarding a life insurance policy that he has on Cooper and what they need to do in order to file for it,” read one of the search warrant affidavits. The Cobb County magistrate’s office released warrants last week and additional warrants to the Los Angeles Times on Saturday.

Harris’ court hearing Thursday and the warrants indicate the man has dual personalities: One is a churchgoing family man who called his son’s funeral in tears from jail. The other, according to authorities, is a man who desired a child-free life and who, as his son sat for hours in broiling heat, sexted six women.

Harris had two life insurance policies on Cooper. Before his son’s death, he had done online research about kids dying in hot cars, twice watching a video on the subject, according to police testimony given at a probable-cause hearing Thursday in Cobb County.

After the more than two-hour hearing, the judge fou…………… continues on Los Angeles Times

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July 2014
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