Life Insurance or a Go Fund Me Account?
It's uncomfortable as a topic but it is necessary to talk about. I might not have noticed this before becoming an insurance agent. It is the rising number of Go Fund Me pages being put out to take care of tragic situations involving a sudden loss of a loved one.
Being a planner (for the most part), when my husband and I found out we were having our daughter, I immediately looked into Life Insurance as an option to save for the future and protect our precious baby girl.
When I speak of Life Insurance, I'm not talking about insurance for my husband and I only, I'm talking about insurance for my daughter as well.
My husband and I invested in life insurance policies for us both, we started with term and later converted some of the term over to an Index Universal Life Policy to build up cash value for retirement or a rainy day.
For my daughter, we invested in a Whole Life Policy with a moderate face value. The purpose of this was two-fold, 1) to provide what was needed for our family to grieve and cover funeral costs in the unlikely event of loss. 2) to provide cash value for our daughter later in life when she goes to college or wants to continue adding to the value of it after she is 18.
My first response when asked about Life Insurance for my daughter was to tell the person asking me to stop. I was outraged and could not bare the thought of something like that. Once I did some research to see how my then boss was paying for his kids college tuition, I noticed that he had several cash value life policies for his kids. A portion of those was used to help pay the college tuition costs. At that point, I realized it would be a smart investment for me to start such a policy for my daughter. I can now be at ease knowing that my family is covered if there is a sudden occurrence and we are covered for the future.
Check out this article for more information: https://money.usnews.com/investing/investing-101/articles/2017-11-07/how-to-make-your-kid-a-millionaire
Being a planner (for the most part), when my husband and I found out we were having our daughter, I immediately looked into Life Insurance as an option to save for the future and protect our precious baby girl.
When I speak of Life Insurance, I'm not talking about insurance for my husband and I only, I'm talking about insurance for my daughter as well.
My husband and I invested in life insurance policies for us both, we started with term and later converted some of the term over to an Index Universal Life Policy to build up cash value for retirement or a rainy day.
For my daughter, we invested in a Whole Life Policy with a moderate face value. The purpose of this was two-fold, 1) to provide what was needed for our family to grieve and cover funeral costs in the unlikely event of loss. 2) to provide cash value for our daughter later in life when she goes to college or wants to continue adding to the value of it after she is 18.
My first response when asked about Life Insurance for my daughter was to tell the person asking me to stop. I was outraged and could not bare the thought of something like that. Once I did some research to see how my then boss was paying for his kids college tuition, I noticed that he had several cash value life policies for his kids. A portion of those was used to help pay the college tuition costs. At that point, I realized it would be a smart investment for me to start such a policy for my daughter. I can now be at ease knowing that my family is covered if there is a sudden occurrence and we are covered for the future.
Check out this article for more information: https://money.usnews.com/investing/investing-101/articles/2017-11-07/how-to-make-your-kid-a-millionaire
Comments
Post a Comment