Insure Your Sons
This is an example of "Do as I say, not as I did."
We know that Social Security/Medicare is probably not going to live as long as we do. If it survives, it will be on life support before we are.
We have all paid for future income that is unlikely to keep coming.
We may at some point become dependent on our children for support. This is not new in mankind's history.
But what if a child dies before you do? That happened to me recently.
There is a way to compensate for this economic threat to your future income: a 20-year or 30-year fixed premium term life insurance policy for each son and maybe each daughter. You buy it. You pay the annual premium. You are the beneficiary.
There are lots of on-line companies that will give you a quote. I like this one:
The price per year for $250,000 coverage is amazingly low. Buy from an A- minus rated company or higher.
I knew this years ago. I procrastinated. "It won't happen to me."
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