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Ask Dave

Insurance For Children?

If you have a rider on your term life insurance policy, that's enough because you really just need enough for burial costs.

QUESTION: Karen asks if she should keep life insurance on her young children.

ANSWER: If you’ve got a rider on your life insurance for your children, you should keep it and that’s enough.  If it’s a whole life policy that you bought to invest for their college, you should close that immediately and get a good rider on your term life policy. A good rule of thumb with kids and life insurance is just having enough on them for burial costs.