Let's be honest, nobody here likes to look for or know they have to get life insurance. When people think of life insurance they think of old age and funeral costs. That is the mindset of your average consumer and average American income earner. However, did you know you could get life insurance for children?
Did you know that you have the capability to cash in your policies for pure cash! They are called, Universal life policies. There are other policies out there too that do this but in this article we are talking about life policies for your children. Over 70% of people do not even know they can get life policies for their kids nor are they taught to do so.
You might be wondering, what would be the purpose? After all they are young, but if you shift your mindset over to the fact that you can cash in these policies you start to think of unique ideas. What about paying for college? Allowing them to buy their dream home when they are older? Or starting their retirement fund so early that your kids could not work so hard when they get older.
If you bought a life insurance policy for your child at age 4 and depending on the premium plan you chose, your child could easily have a policy worth $20,000 that they can cash in and pay for college with! Or would you rather come out of pocket and have your child be in debt? You see the wealthy takes advantage of products and services that are anyone is capable of getting. The wealthy use all types of investment tools to leverage expenses which results in more money in their pocket. It is all about shifting your mindset and thinking about long term wealth.
Could you imagine if your parents bought you a life insurance policy and you cashed it in right now? I am pretty sure you would have a nice big and huge chunk of change that would be able to help you in this economy.
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