There are many ways to help your children get rich in America, but there is one guaranteed way. Every parent can implement this strategy. Find out what it is.
It is the wish of most parents to see their children do at least as well or better than themselves. In an attempt to do this we help them with their studies, try to get them into college and help them get their first job among other things. All these efforts are well and good, and as responsible parents we should continue to do them, but there is one surefire way to ensure that your children will be financially secure. This method is something that every single parent in America will do at some point, and if it's done right your children will be financially set for a long time.
Want to know what it is? Keep reading.
Die. That's it. Die. I told you every parent can do it, as I know of no one in history who has escaped the grim reaper. Okay so there is one twist to this rather simple plan. Die - WITH LIFE INSURANCE.
Traditionally too many African American families don't carry life insurance or just carry the minimum amount to cover basic funeral service and burial costs. While the basics may be covered, there generally isn't enough left over to take care of monthly bills, much less mortgages, car notes and other debts that may be left behind. If however you have a large insurance policy (say $500,000) your children will not only have enough to pay the bills, they will also have money to save as well as invest in their own financial security. If you are thinking about how to be rich in America, this is certainly a vehicle for your children.
Life insurance is one of the few ways to completely alter the financial status of your family. It doesn't matter if you've been poor all your life, and it doesn't matter if your family has been poor for generations. That $500,000 life insurance policy will immediately change the financial station of your children and if you've taught them about effective money management, will ensure that they can leave their children in an even better position.
Types of Coverage
There are basically two types of life insurance that you can consider when selecting a policy: Term Life Insurance; and Whole Life Insurance.
Term Life Insurance is the simpler of the two and probably the one most people easily understand. With term you get a policy for a fixed time period (term) of between one and twenty years. The value of the policy is the amount your children will get when you pass away. If the term expires before you die you can renew the policy and keep extending it until you ultimately pass away.
Whole Life Insurance is a little more complicated as it is a combination life insurance policy and an investment plan. Part of your policy is invested in a combination of stocks, bonds and mutual funds and the other is left as the basic payout. Whole life insurance is considerably higher than term life and there is no guarantee that your policy will be worth what you paid for. If the investment part of your policy tanks (think stock market crash 2008) your kids may be left with much less than you anticipated. One good note about whole life is that you may borrow against your whole life policy, but there are considerable penalties for doing so.
How much will it cost?
A $500,000 term policy for a healthy 35 year old man will cost around $30/month or $360 per year. Over the course of 40 years and adjusting for inflation you will end up paying around $16,000 for $500,000 of benefit for your children. This is truly a no-brainer!
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