New Dad
I just had a baby and I wondering what type of life insurance to get for my son? I am thinking a term life to protect him and my wife if anything were to happen to me.
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My Life Insurance
I have the type of life insurance you can cash in. My father bought it for me about 20 years ago. I think the policy is worth about $13,000. Dave Ramsey and other gurus suggest cashing in these plans and paying off debt. (I have mortgages and about $5000 in student loans). The plan will mature to $1,000,000 when I am 60. (Which given the current average inflation rate will be about $500,000 in today’s dollars). Does anyone have an advice on the subject?
Thanks