Every parent is going to worry about what will happen to their child or child after they pass away. The first place a parent should turn to when they start experiencing these concerns is an Insurance Lawyer Rapid City. Life insurance can be a decent source of income for your child if you were to pass away. However, it is important for you to consider hiring an Insurance Lawyer Rapid City to help you look over the policy of the life insurance to make sure it is the type of policy you want.
How Much Life Insurance Do You Need?
Before you decide on a life insurance policy, you need to think about what source of income are going to continue to support your child after you pass away. You need to think about the property you are leaving behind, social security survivor benefits, and any grandparents or family members. Obviously, you would not need life insurance if you are rich or if you have wealthy relatives who will step forward to take on the responsibility of your child if you were to pass away. If you are someone who struggles to find money to fill up your tank of gas or to get your child’s teeth pulled, life insurance would be a good idea.
You want to avoid getting any kind of cash value life insurance. These are life insurance policies that offer to pay you a certain amount of money after you have had the policy for so long. The usually time period is 20 to 30 years. Some policies will also let you get the money after a certain age. The whole point of life insurance is to protect and provide for your child. You are not going to be able to do that as effectively if you know in the back of your mind that you could get a decent sum of money for yourself and your family now by cashing in that life insurance policy.
You need to think about how you are going to leave your life insurance policy to your child as well. If your child is a minor, you may want to name an adult you trust as the beneficiary of the money until your child turns 18. You may even want to limit the amount of money your child can get over the years.
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