03-25-2008, 09:28 AM
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#1 |
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Piggy Bank
Join Date: Mar 2008
Location: pa
Age: 35
Posts: 77
Rep Power: 4  |
life insurance, how to ensure my son is cared for
I have life insurance through work, about 300k. How do I set it up so if I die my son is cared for? He's 6yr old now so he needs to be cared for, for 12 more years and have a nest egg left at 18. I've just started researching this and once the divorce is done, I'm going to pay my lawyer to do my will for me. From what I've seen so far it seems like an exectutor would be required to dole out the funds. Is compensation for that person common? Also is that 300k enough? I've decided that I don't want to pay for college for my son. I want him to work for it and learn what struggle is. I wouldn't mind helping him pay off the loans afterwards.
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03-25-2008, 12:37 PM
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#2 |
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Super Moderator
Join Date: Aug 2006
Location: West Coast
Posts: 773
Rep Power: 7 |
it all depends on how much you want to leave for him. if you only want to cover him until he is 18, i would suggest a 10 or 15 year term policy. it would be dirt cheap, but would end at the end of that time period. it's kind of like car insurance. it's "in case shit happens". or you could get a whole life policy, you could use it as an investment tool, but costs way more.
normally you don't need to pay an executor. just make the executor someone you trust. maybe a brother or sister. i think i have an insurance policy write up around here somewhere. |
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03-25-2008, 12:37 PM
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#3 |
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Super Moderator
Join Date: Aug 2006
Location: West Coast
Posts: 773
Rep Power: 7 |
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