Only after this policy in the appropriate death benefit amount with a good company with a solid rating is in force, do they cancel their old Telephone Number List whole life and universal life policies. This money will, in the event of their deaths, be used by the custodians they have designated to care for their children. The residual funds will be handled by a named trustee Telephone Number List for the benefit of their children. There will be a point in the future when they will become self-insured by the growth of their assets so that they will not even require the "both-to-die" policy. Sorry "Ohio", but somehow I don't think your efforts to advance the cause of spit wad technology are more important than my fascinating diatribe on "generally speaking." As "Ohio" does his Telephone Number List Walter Brennan shuffle on the way to the hospital and as I reload the avenging derringer, we will continue our discussion.
Yes, there are people who do not need life insurance at all. Their assets have either grown to the point where they have become self-insured or Telephone Number List the circumstances of their lives are such that they just do not Telephone Number List need life insurance. The ever-popular and oft-mentioned chapter 5 of "The Wealthy Barber" will help you Telephone Number List understand these life insurance issues. So, Dr. Doctor and Dr. Doctor calculate the difference between what they now pay for the one premium and what they were paying in multiple premiums and arrange Telephone Number List for this amount to go into investment accounts by automatic deposits.
Generally speaking, life insurance policies on children with large death benefits are survival crutches. This is a touchy area and I want to Telephone Number List tread very softly here. The primary purpose of life insurance is to take care of those I love who are alive after I am gone, not so that I will be better off after they are gone. An insurance salesman will Telephone Number List sometimes say, "Don't you care about your children? If you don't get insurance on these children, you're saying that you just don't care about them at all!" They will sell you a Telephone Number List policy on a child with a very large death benefit, if you let them pressure you into it.