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Documents Needed After Having a Child Pt. 1: Life Insurance
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Today on The Motherhood and Money Show, we have our very own social media manager Rebecca Salgado! Rebecca also happens to be a health advocacy attorney in California.
Today Bethany and Rebecca go over documents you need after having a child. This is part one in a two part series where they will be covering Life Insurance. Next week they will cover Estate Planning (will, trust, appointing a guardian to care for your children, advanced healthcare directive, and power of attorney for financial decisions).
Rebecca goes over the two main types term and whole. Term is for a specific amount of time like 10 years. Whole life generally lasts your entire life. Beware with whole life insurance policies because if you’re late or miss a payment it could invalidate the entire policy, meaning your beneficiaries get nothing.
Everyone’s personal situation varies, but generally people are better off getting term life and building their investments. Usually 150 a month to an investment account will provide better financial security than the risk that comes with a whole life insurance policy.
Resources Mentioned in this Episode:
Term vs Whole Life Insurance
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