🔮advice
Anonymous User
2 months ago
Life insurance for children
I have my own life insurance policy in the event that something catastrophic happens to me so that my kids are protected. But I’ve been reading that you can also take out a policy for your kids as a way to build wealth for them over time. Has anyone else done this? Trying to figure out if it actually makes sense or if the insurance company is just trying to sell me another policy.
Anonymous
•
2 months ago
I’ve gone really deep into the obscure corners of personal finance and decided this wasn’t for me. There’s other tax efficient and more powerful ways to save money and benefit from compounding. So I’d exhaust those options first. Plus I also don’t trust insurance companies.
Anonymous
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2 months ago
Yeah, my life insurance guy was pushing this product on me. They give you some really great tables where the money will grow to $99m by the time my child is 90yo!! But I also surrendered my mom’s policy recently and she made $2k in 15 years from her policy because of all their fees!
Anonymous
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1 month ago
Interesting topic