Young Children Need Insurance?
It's something that no parent wants to think about, but there is a right way to keep life insurance on the kids.
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.