Your Kid Almost Certainly Doesn't Need Savings Through Life Insurance | Series 5.5

If savings is the goal of life insurance, make sure you understand all the options first. What opportunity are you potentially giving up, that that same money that you're using to save, could also be used for instead. (03:30) "the grow up plans, cash value grows at a guaranteed rate over time, so that after 25 years, it should equal or be greater than the amount you've paid in premiums." (06:46) With these life insurance policies, the child generally becomes the owner at age 21. So you lose that control of whatever funds built up in the policy. (08:03) Quote for the episode. "If it's savings, if that's the biggest reason why you're putting money away into this policy, then putting the funds in a place where they have much more opportunity to grow could likely get you closer to those great life goals that you're setting out for your children now." (09:23) Securities offered through TFS Securities, Inc., and Advisory Services through TFS Advisory Services, an SEC Registered Investment Advisor Member FINRA/SIPC. TFS Securities, Inc., is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.