Secure Their Future: Why Kids Deserve Big Life Insurance Limits
We talk a lot about building a family legacy by turning today’s income into guaranteed tax-free dollars with whole life insurance.
Here’s the challenge.
By the time many people discover this strategy, premiums are higher than they are comfortable with because of age, health, or both.
But here’s the good news.
You can start with the next generation. Let me share what we’re doing for my own son.
As a minor, we bought him a $250,000 whole life policy. These can be paid as a lump sum, over 10 years, 15, 20, 30, or even ongoing.
Now you may ask “Why buy that much life insurance for a kid?”
Here’s why: Kids grow up fast. Marriage, home, children, retirement…..and whole life insurance will be there through every stage, including estate or nursing care needs. They can even borrow against the cash value should they need to.
Moreover, they are young and healthy. Let me repeat, they are young and healthy. The cost will never be lower than it is today.
And the harsh reality is if tragedy struck, most parents including myself wouldn’t be going back to work anytime soon. For most families, that means going without a paycheck as well.
Looking ahead, once our son turns 18, we will also add a one million dollar level term policy to age 65. This effectively gives him a 47-year term policy, which he can later convert to whole life if he chooses—without any medical underwriting considerations.
This means he will have security for his family, and he can pay it forward to the next generation – just like the Rockefeller Family has done for seven generations.
Want to learn how this can work for your family?