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Reply to "Anyone buy whole life insurance for young adult dc?"
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[quote=Anonymous][quote=Anonymous]Suspicious to get life insurance on a kid with no income and no dependents to support with you as beneficiaries. Honestly just put it in an account for them to use later in life [/quote] Again, it's a way to give your kid even more money about the $18k per year gift without triggering taxes. You can stuff cash in these whole life policies above the premiums (there are tax rules...I can't remember how much) so if you take out a policy when they are 10 or something, by the time they are 30 they have a ton of cash accumulated and it is tax-free. It's super HNW kinds of problems.[/quote]
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