Dragging your feet can cost you a lot of money. Insurance agent Rebecca Palmer talks with Laura Coleman on the Adoption and Fertility Finance Show about the importance of adequate insurance before it’s too late for your family.
How much insurance is enough?
Rebecca shares some general rules about how much insurance you should purchase to take care of your family after you’re gone. They discuss the difference between term and whole insurance, and some different reasons you might choose one or the other. Rebecca cautions against relying completely on employee provided term insurance in the case of a job loss.
When can an adopted child be insured?
Term insurance for children is cheap and a prudent step to take to prepare for an accidental death. Having a small policy that can cover the funeral expenses of a child is a way for a young family to avoid the stress of trying to pay for a funeral. Rebecca fills Laura in on the details of waiting until the adoption is finalized to take out a policy on a child. She recommends that a parent take out a policy on themselves during the adoption process because the insurance applications takes longer for an adult.
How do you choose who should be the insurance beneficiary?
Rebecca goes over some rules and guidelines for the beneficiary of an insurance policy. Minor children cannot receive the proceeds of the policy, so it is important for a contingent beneficiary to be in place if both parents should die. For single parents, it is especially important to plan ahead. It may be helpful to create a trust and name the trust as a beneficiary of the policy. You can name a trustee who will take care of your child and your child’s money. This can be a good option if you do not have a trusted family member or guardian to take care of your child if you’re gone.
For more information about special needs trusts mentioned in this podcast, go here.
Rebecca Palmer is a licensed insurance agent in Tennessee and Georgia. She can be reached at: email@example.com or 423-413-9364.
You can find her on Facebook.
If you loved this podcast, please subscribe and follow us for more conversations about the intersection of adoption, fertility, and finances.
Are you ready to become a forever family? Schedule your 15 minute free no judgement appointment today to talk with Laura about where you’re at in your financial journey, where you’d like to be, and how you’d like to get there.
Learn more about the Adoption and Fertility Grant Success Course and the Preparing Financially for Adoption course mentioned on the show.
Tips On Teaching Kids About Money
Balancing Your Retirement With Your Needs Of Today
How To Obtain The Motivation To Raise Money For Adoption
How One Adoptive Couple Paid for Adoption using MetLife Legal and their 401(k)
Tips and Tricks for the Military for Adoption and Fertility- Sheepdog Financial
Make $1000 a month teaching English for your Adoption Fund
Strategies to Reduce Fertility Costs
HSA Hacking for Adoption and Fertility- Season 2
Financial Planning Is Not About Money Season 2
Protecting the Financial Future of your Special Needs Child Season 2
Follow The Orange Backpack to Disney for Adoption
Protecting The Credit of Your Adopted Children with guest Leslie Tayne, Esq.
Successful Tricks On How To Use Airbnb
Podcast Interview with Dr Travis Parry, International Speaker and Coach
What do a Clinical Social Worker and a Financial Coach say about marriage, money, and fertility?
What Happens When Your Plan A Becomes Plan B?
Overcoming Financial Obstacles of an International Adoption
The 5 Love Languages Affects Our Money with guest Devon Baeza
The Emotional Rollercoaster of an Adoption Scam with Guest Ashley Aubin
Early Investing: Secure Your Financial Future by Saving and Investing Money in Stocks From a Young Age
The Intelligent Investing Podcast
The Dave Ramsey Show
The Clark Howard Podcast
Code and preview