Posted on 02/18/2020 11:10:16 AM PST by Chickensoup
I have two children in my life. Because of circumstances I can give the children excellent properties, but I have little liquidity. The deal has been you care you get.
I realized if something happends to either of them, I am without enough liquidity to survive my old age.
I wonder whether I can or should insure them for enough money to care for me in case something GOD FORBID happens to them.
This is new territory for me.
Your thoughts?
I realized if something happends to either of them, I am without enough liquidity to survive my old age.
I wonder whether I can or should insure them for enough money to care for me in case something GOD FORBID happens to them.
This is new territory for me.
Your thoughts?
I always to a small amount through work.
You should look into human trafficking, I'm told they got tons of kids available.
I wonder how much I could get for a snarky old man?
Listening to Clark Howard, he always says that unless you are depending on their income, there is no need to insure them. In your case, you would need to replace their financial support in the event that you were to lose that support. Makes perfect sense to have enough to replace that support.
My parents purchased life insurance for me seventy some odd years ago. I still have it. It was very inexpensive.
Should you find yourself in such dire straits and I still live, I will find a way to see you are cared for.
I know this sounds bad, but we have burial insurance on our kids and I always take life insurance for the entire family through my job.
I would when incapacitated depend on their income and their management of my income.
I carried small policies for each of my children until we were financial well established. My thinking was that if any of my children were called home my wife and I would be able to provide an appropriate final service for them.
If I understand correctly, your retirement plan is sponging off your kids, dead or alive. That’s kind of weird IMO.
I did purchase life insurance on my son as soon as I legally could. Not for me but for him. It was a simple $25K policy that was paid in full in 10 years, which he can add to if he wishes. He is 24 now and the owner of that policy to do with as he wishes.
Yes, this is the correct answer...
Why would I insure an expense?
How does one cash in an old life insurance policy? My dad took out a policy on me over 60 years ago, and somehow restrained himself from being able to collect on it. Now he’s passed on, and sometimes I wonder if that old policy is worth anything.
Yes, consult a reputable agent for a reputable company for personal advice.
my dad put a small policy on all his 6 children and when we turned 18 we could collect or continue... i still have at age 58... not a great deal, i only kept the minimum, but my wife will have funeral expenses met and a couple of cruises to find a new husband.
I bought whole life policies on my rugrats when each was under a year old. If they croaked before they left the nest, we had money to plant them in a marked grave. Thankfully they survived their youth and made it to adulthood. After graduation from college, and they where working, I turned the policies over to them. I told them they could cash them in for the current cash value and spend it on booze broads or a fast looking car, or they could keep up the premiums and always be assured they would have life insurance when needed. It was the cheapest insurance they would ever buy.
Call the issuing company, if he was the owner on your life and he is deceased you are most likely the owner.
You want to protect/insure the income stream in case of a loss due to the death of that earning person. So as my agent told me, unless you child is a child star, then you should take insurance out on YOU the bread winner to replace your income if you are gone. That being said, having minimal amount of insurance out on them to cover burial expenses might be wise. The plan is for you to out live your kids, so you insure the revenue stream.
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