Wednesday, June 12, 2013

Life insurance policies on children

It might shock the shoppers at Brooklyn Baby Expo, but the idea that everything children touch should be completely safe is a fairly new one. In previous generations — and for most people currently living in poorer countries — having children was an economic investment. Viviana Zelizer, a Princeton sociologist, in her 1985 classic, “Pricing the Priceless Child,” tracked how childhood in America was transformed between the 1880s and the 1930s. During this period, Zelizer says, parents stopped seeing their children as economic actors who were expected to contribute to household finances. Families used to routinely take out life insurance plans on their children to make up for lost wages in the not unlikely event of a child’s death.

But eventually, increased societal wealth, child-labor laws and the significant drop in child mortality led parents to reclassify their children, Zelizer explained, as “a separate sphere, untainted by economic concerns.” This came along with “an increasingly sentimentalized view of children,” in which their comfort and protection can be given no price. Now, for the first time in human history, having a child in the United States is a net financial cost for a parent.
--Adam Davidson, NYT Magazine, on insuring children through different means over time