Set Kids
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Posted by admin | Posted in handmade crafts | Posted on 29-08-2009
Tags: archery set kids, chemistry set kids, design, drum set kids, education, electronic drum set kids, fun, kids, kitchen set kids, lego, magic set kids, reference, resources, toys
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Life insurance to make sure kids are set if something happens?
I need to purchase a life insurance policy with my children as the beneficiaries. My daughter is 2 1/2 and my son is 2 months. In the event something happens to me my children will be in the custody of their father obviously, but if both of us would pass they will go to my parents. If not them a cousin will take them. But I would like a large policy something above the 150,000 dollar range. I'm 24 years old if that matters. But what company would you recommend? This is new to me...thanks.
Before you worry about a specific insurance company or even type of policy, what you need to ponder is the fact that insurance benefits cannot be paid directly to minors. So if you name them as beneficiaries, a trust would be required to hold the funds for their benefit - and any trust requires one or more trustees to manage it.
Yahoo Personal Finance contains a section on life insurance that explains the major types of policies. Sounds like a 20 or 30 year level term policy might suit you well - I'd shoot for a $500,000 policy.
It's also very important that you have a current will that includes guardianship provisions for the children.
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