I took out whole life policies on my two boys (17 and 14) when they were born. When they turn 25 I will assign each of them their own policy. Each policy will be paid in full and ongoing premiums will be paid by earnings on the cash value.
If they boys maintain them until age 65 each one will have a cash value currently estimated to be in excess of $250,000. That’s a legacy I can appreciate leaving behind for them.
OK, that makes sense! Thanks for the info.