Financial products for LO
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Following! Would you mind sharing which life insurance did you choose for you LO? I was looking into Gerber Life insurance but I am not sure if there are better options available
Following as well! Would love to know more about this and planning to do this as well
@Kianna I’m so glad to hear this! What other products are you considering? Our next step for baby girl is a custodian account. That way for birthdays, milestones, graduations and etc with money gifting from friends/family it’ll go in her account and be separate from her savings account which will be her fun money. As far as teaching her financial literacy I’ll probably do a a toy store for her around 3-4 to open her up to money.
@Erin Hi! Sure, yes I’m a licensed agent and her first policy is with Gerber, we did the growth start plan. The plan is for this one to cover house and car. The next one, which will be an IUL (they work better for kids than adults unless the adult has a lump sum like a settlement, lottery, 401k, etc. to be honest) that she could use for retirement, wedding, investment, and/or business. Really whatever she decides. The average person that is financially literate and can do it has like 2-3 financial products for their child. If you need more help, feel free to message me and I’ll answer any questions and help in any way I can.
@Maria it’s a great gift for LO. Your LO will definitely appreciate you even the more when he/she is a young adult because you really thought about their future and took their life goals into account. I plan to do 3 policies because I have mom friends (I’m a 1st time Mom with the exception of my bonus child ) that’s educated me and given me the blueprint. We did Gerber growth start when she turned 14 days. We plan to do 2 more policies for her then we’ll do a 529 for college and if she’s doesn’t want to go to college she can roll it into a retirement account, and we plan to do a custodian account within next 2-3 months. I want to do the policies first because I don’t want to miss out on the compound interest.
@Shanice hey I’m a FTM n I love this conversation but I’m not that financial literate but I’ve been trying to study on stuff to set my LO up in the future. Is it okay for me to message you with some questions about the policies and how they work and stuff?
@Naii yes sure!
We just started the application for whole life insurance for our little one. You can take out as many policies as you want and the kids can take them out to use for anything. I like it because it means I don’t have to be dead for her to benefit. The longer it’s in the more it earns but my girl could use it for prom, a car, college, anything.