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General Parenting Discussion
Reply to "Kids as beneficiaries for life insurance"
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[quote=Anonymous]This is OP. Thank you for all tips. To summarize, it seems like that I & DH should get term life till my kid turns 21 (finish college). Policy amount depends on how much we need to cover for mortgage, school, college something like that, & mostly people do $500k, $1 million or more. And, I should make my spouse as primary beneficiary, trust is 2nd (with my brother as trustee) something like that. Do not let my kids get the $ until they are more mature, like 25-30 years old. One big question, for term life, if I or spouse are still living by the end of term life insurance, let's say 20 years after, there's no value that we can get, right? Because it is an insurance policy, not an investment, right? And, I should never buy whole life insurance till we are like retirement age, right?[/quote]
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