response follows.
Jim,
Thanks for your recent post about life insurance for children. It really gave me a lot to think about. However, I still can't get over the idea of profiting from the loss of a child. Can you help me with that?
Thanks, Shawn
Dear Shawn,
Thank you for your email, for reading, and for your great question. I recently had a similar response from a client I met when I told him that he was under-insured at only $100,000 and that my children have more life insurance than he does. He agreed with my points of locking in health and insurability for their future but couldn't get past the idea of me profiting from the loss of my child.
No one profits from the loss of a child. What parent wouldn't give all of that money back, regardless of the amount, to have their child back in their arms? If something happened to one of my children, I give every penny back to hold them again. I'd give every penny back and sell all that I have if it meant getting them back. Hypothetically speaking, ask yourself what amount would be hard to give back in exchange for your child or any of your loved ones? If we have a dollar answer to this, we may need to check our heart.
So, no, there is no "profiting" from life insurance on the life of a child or any loved one. In my original post I touched briefly on what I would do with the "extra" money above final expenses and possibly debt. I'll elaborate here a little more. I would hope to do the following, I would use the money to:
- Help get their siblings get through college.
- Create a scholarship for other kids to attend Catholic Youth Summer Camp
- Donate a portion to The Ronald McDonald House which has helped our family so much in the past.
- Create an endowment for my parish church.
Jim
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