Comments on: Life Insurance Protects New Mother & Baby – realLIFEstories

By: Orville T

Orville T — Fri, 12 Sep 2008 05:15:27 +0000

By: gldjns

gldjns — Thu, 11 Sep 2008 20:33:06 +0000

One way to protect Assets is by developing a Trust, giving all the assets she owns to the Trust and then assigning the beneficiaries to the Trust. That way, when she dies she won't lose lots of money due to taxation and her children will still receive everything she owns.

Also, ask the annuity agent to add a rider (option) that allows the annuity to keep paying the children after she dies.

Obviously what I just said seems simple, but is really more difficult when done. Feel free to contact me regarding any questions.

By: Sherry

Sherry — Thu, 11 Sep 2008 16:27:30 +0000

Let me just say this, Sherry. Parents are ultimately responsible for the well-being of their kids. I see more parents in southern California that are not protecting their kids than I can count. Everything from letting them run unattended into crosswalks, parking lots, and other places where cars drive through, to letting them go swimming in public pools by themselves, to not buckling them in the car, and everything in between. The first thing they always do is blame everyone else when something goes wrong. There is a major trend in this country where people do not want to take responsibility for their own actions. Not only that, but they want to blame someone else. I cannot tell you how many times some senior citizen drives through a store front or into a bank lobby or into a swimming pool or into a crowd of people and uses the time-worn "the gas pedal stuck" story. Did you ever notice that gas pedals stick only on these old fart's cars? I hate that. I just sat in traffic school all day today because I got a speeding ticket. I have no one to blame but me, so I get the blame. And yet I hear all kinds of lame excuses for all kinds of tickets. You're right to be mad, Sher, but the best you can do is not be like them. And if you have kids, try to teach them.

By: unknown

unknown — Thu, 11 Sep 2008 06:38:01 +0000

I recommend a 30 or 35 year term insurance. Term insurance lets you decide where you want to save your money, while other types of life policies such as whole life or universal life doesn't. Premiums are very low too, so you can afford the right amount of coverage needed.

While she has term insurance, I recommend she also invest into mutual funds (a mixture of large growth and large blend funds). She should open an IRA first and then invest into a mutual funds so that her investments grow tax-deferred.

I have a 30 year term and I invest $100/month into my Roth IRA. My portfolio has an average rate of return of 14%. In 20 years, I can potentially have $132k. In 30 years, $556k.

Lets say the average over 30 years is only 10%. In 30 years, my IRA may worth only $228k.

But truthfully, I don't know how the stock market will perform in the next 30 years. In 30 years, I may or may not need life insurance. If I do, I can renew it, but premiums will be higher and stay level for 5 years and then go up again. I can exchange it for another term policy such as a 10 year term. I can lower my coverage. Right now, I'm not worried about my options in 30 years. I'm only concern with building enough retirement savings that I can comfortably live on.

By: evilwmn

evilwmn — Wed, 10 Sep 2008 19:46:15 +0000

By: cherryvalley2006

cherryvalley2006 — Tue, 09 Sep 2008 18:09:52 +0000

By: unknown

unknown — Tue, 09 Sep 2008 16:22:46 +0000

Disability- obvious

A protection policy- lower premiums and once she gets "established in a career" she can contribute to other types of savings

By: cjm

cjm — Tue, 09 Sep 2008 09:48:55 +0000

This is not something that is usually addressed in a child support order. Your child would be entitled to social security benefits if he dies. You should consult an attorney about what your child might be entitled to receive from the estate. If he has nothing, there is nothing to worry about.

By: Gary T

Gary T — Tue, 09 Sep 2008 09:38:54 +0000

You cannot buy life insurance on her without her consent.

By: SoulTaa2

SoulTaa2 — Tue, 09 Sep 2008 03:44:37 +0000

Beautiful … Melissa is a friend. I so respect her and what she’s doin in Mark’s name!
(Also widowed — but no life insurance), Wendy