Kendall Lakes-Lindgren Acres FL term life insurance
Filed under: Florida life insurance, Instant life insurance policy
Reader question:
I have a Kendall Lakes-Lindgren Acres FL term life insurance policy. I want to have money to pass down on my kids, but just at anytime or in anyway. What kind of control do I have?
Julie
Good question, Julie.
If you choose to add your kiddo to your Kendall Lakes-Lindgren Acres FL term life insurance, it’s probably a good idea to try and see just how much ordering you can do from beyond the grave, which is why many companies allow you to turn that benefit into a trust.
How does a trust work? Basically, it allows you to choose another person, or a trustee, to whom the death benefits will be given and who will hold them, without taking from them in any way, until your child has reached the age of 18, or has completed whatever requirements you put forward (for example, some parents will only allow a trust to be paid out if the child is married).
If you don’t have a trustee, then the money is either given to a guardian when your kid is under 18, or else the company keeps it and charges interest on it. No good.
take care,
Fashun