How much insurance do I need for the kids? I’m not rich, but I’ve been poorer, which wasn’t much worse than this anyways. But I do worry about leaving my children something after I die. I am not planning on dying, I plan to live forever, and so far, so good. I don’t have a house to leave them so I have bought life insurance.
I first bought some about 10 years ago, not lots ($100,000) but once divided by three, it seems small. Yet, this same amount should get each one through university. Because this policy is scheduled to expire soon, I bought another one, at three times the payout, but only twice the other policy’s cost, and locked it in for 20 years ($300,000 for $47 month). Which means, that if I die 20 years and one month after this policy, I’m going to be really pissed.
I have 3 policies altogether, and yes it costs me money every month. But like I said, I have no real estate or otherwise to leave them. I spent days going over costs, and I bought one policy through an insurance company, and the other two policies are actually through banks.
I thought of equal division today as I was dividing up a doughnut. My boys are right there ready to point out some nano-ounce error in my division. While they are sizing up the doughnut, they are smart enough to be pointing out to each other that it really doesn’t matter about the doughnut, that all this is really about other things, like who wins first choice, or that the larger doughnut piece will signify the smarter brother. I’m glad that they can see and understand this. Meanwhile, I am thinking that in some subconscious way, they could be thinking its about who loves who more.
I recall a couple of years ago about a problem inheritance and estate division, and how such a thing will divide families. I spent some time analyzing all this and I believe that these real thoughts regarding assets, are really subconscious thoughts revolving around love.
I go to a lot of effort to not show favoritism, but if I ask the two older siblings both say I baby or spoil the youngest. It’s not true, I think, it’s just that I split my time and money between three kids at home, and now its down to one. Not that he’s reaping huge benefits here, it means he doesn’t have to share anymore. I know what its like to be the not favored child, I would never want to inflict that. There’ll be a post on that later. Just call me Cinderella.
So while researching for this article, I’m reading about what a (married) mom should be insured for, and the calculations to come up with this are amazingly stupid. For instance, if mom dies, dad will need $40,000 a year to pay for a nanny. (Yet if dad dies, moms don’t need $40,000 a year for a nanny. What the hell?) The other item they are calculating is approximately $100,000 a year for all the stuff that a mom does, therefore dad needs to insure her for a million dollars to cover ten years worth. Again, are you fucken serious? funny how if dad dies, mom doesn’t need that much to replace him.
It’s a wonder I’m not a lesbian.
Anyways, consider that whatever life insurance you get, make sure it doesn’t fall into the dad’s hands. I know that sounds callous, but it is highly unlikely that daddy will ever be able to replace that whatever thousands in the college fund. Also consider that dad will get a new woman, maybe marry, and she may get her hands on that money. And this happen to one of my stepson’s girlfriends – dad spent all the girls money left from their mom.
I had my kids life insurance to be placed in trust, with very specific perimeters on which some of it could be spent, being a kids bike once a year, braces for teeth, any special medical attention, with my mother to decide and with a lawyer to disperse funds (yah, that costs, but what can you do?)
Speaking of money and saving it, here are some cheap and fun family activities!
Here’s the basics on life insurance, with a little humor thrown in, stuff you need to know to get started.
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