Life Insurance

luv4LO

Did you buy life insurance for your LO?  Both DH and I have smaller amounts for dependents on our current life insurance policy's, but I am talking one specifically for LO.  I recently got a quote and wonder if that money would be better off being invested every month for LO rather then paid on a premium.   

noffsij1

We don't have one for our daughter although we have started her college fund. That may be something to think about though! Maybe talking to a financial advisor could help!

Toolbelt

Make sure you use a fee based advisor where your interests rather than their commission is their prime focus.  Do not use Primerica at all costs.

oursong611

No, you don't need life insurance for your daughter. The primary purpose of life insurance is to compensate dependent family members for a loss of income when someone dies. My guess is that your daughter is not producing an income that anyone is dependent on. You definitely would be better off to invest the money in good growth stock mutual funds. If you absolutely want some kind of life insurance, add a rider for no more than $10,000 to your personal insurance policy. That is enough to pay for funeral expenses if the unthinkable should happen. If you haven't read the book, "The Total Money Makeover" by Dave Ramsey, I highly recommend it! You can usually check it out at your local library, and it has so much helpful information about managing finances and making wise financial decisions!