Warning: Never buy life insurance for a newborn

When you’re expecting a bundle of joy and creating a baby registry online, there are a few indispensables you’ve got to put on there like an infant car seat, a stroller and baby bottles, among other things.

But does a life insurance policy on your newborn fall into that must-have category?!?

One popular online baby registry thinks so and has partnered with Prudential Life Insurance to offer it as an option in your registry.

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Here’s why you shouldn’t buy life insurance on your baby

Babylist, the nation's fastest-growing baby registry, is teaming up with Prudential to offer the first life insurance policy that new parents can add to their registry.

With the touch of a button, you put a registry request for infant life insurance right next to your request for college savings, parental leave and even a doula to help deliver your baby!

The infant life insurance policy can be crowd-funded by family and friends who make a one-time donation ranging from $150 to $350.

The money that’s collected can then be applied to the life insurance premium for the first year and any additional years, if there’s any left. However, making continued payments on the policy is your responsibility.

But is this really a good idea?

Get Clark’s take

In the past, whole life insurance was pushed by the Gerber Life Grow-Up Plan and others as a great way for new parents to save for their child's future college education.

The idea of inserting a pitch for life insurance into the interface when a mom-to-be goes online to create her baby registry is the next generation of that old come-on.

Yet money expert Clark Howard hasn't change his stance on infant life insurance over the years.

“The purpose of life insurance is to provide replacement of income. If somebody is an income earner, then that’s when they need life insurance,” the money expert says.

“But a child — no matter how much we love him or her — they cost money, they don’t make money. So you don’t buy life insurance on your child.”

That said, if you have a child on the way, do you have life insurance? You should. You need it regardless of whether you’re going to be the income earner in your family or the stay-at-home parent.

There's only one kind of life insurance product Clark recommends, and it's the kind where the rate you lock in today will never go up over the life of the policy. Get full details here.

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