I have a ten month old son and we chose to bank his cord blood.
We live in Canada and we used LifeBank. It essentially cost $1,000 to sign up, get the kit, collect the blood, and have it tested. They test for sample quality and such. We then paid $1,800 up front for 18 years of storage. My point is, the cost is $2,800 today and we don't have to think about it again.
Our decision was mostly based on it being the cheapest insurance you can buy. Cord blood isn't only potentially useful to your child, but also to any blood relative. It's already being used to treat several forms of Leukemia, various forms of anemia, and a bunch of stuff I don't know what it is, but also helpful helping a patient recover from chemotherapy.
Then there's all the current clinical trials on common diseases such as Alzheimer's, Parkinson's, and Heart Disease.
My wife's family has a history of Cancer, and my family has a history of Heart Disease.
I think one of two things will happen:
1) 18 years will go by and we'll never think about it again. Then we'll have to decide if we want to spend $100/year for this 'insurance'. At least we'll better be able to afford it.
2) Something tragic will happen and we'll be able to use our 'insurance' to minimize the damage.
If we chose not to bank the blood and something happened that could be mitigated by having it, I can't imagine the grief of saying "why didn't we?" -- Especially when the amazing new computer I bought for the same $2,800 was outdated years earlier.
Christopher