How I want my kids to spend my life insurance money if they get it - Business Insider

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'If there's anything living through a pandemic has taught me, it's the importance of being as prepared as possible for the things you hope will never happen.'

I'd love to boost both of our policy amounts to $500,000 in the near future, ideally a 20-year term to make sure our kids are covered through college and beyond. We both feel having more coverage is a smarter move for our children's financial security, especially because of what we hope they'd use the money for if they receive it.

To prevent this, we're trying to model financial responsibility to them by paying off as much debt as possible and re-focusing our efforts on saving for the future. Whenever they receive cash for a holiday or earn a little money doing chores, we teach them about why it's important to save money instead of immediately spending it.

 

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