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| I'll try and shoot it down. Somebody mentioned $10,000,000 of assets for a kid to farm with. That's probably too high for some and not enough for other operations. maybe plenty for mine. I not carrying any life insurance now, but a few years ago a 20year term policy I had lapsed and I didn't want to redo it because my kids are old enough to support themselves and that was always my plan. I am old and it is also dammed expensive. Because I am old the price for term will only get higher. But If I were to buy $10,000,000 of strait life insurance now based on the cost of the cost of the policy that lapsed the cost would be in excess of $600,000 per year. There couldn't possibly be enough volume discounts to make that premium reasonably affordable. My plan is to pay off what I have left for mortgages and enjoy life. I have helped my kids get a good start and I keep them aware of my finances. I am pretty sure they can deal with it. The other point is Life Insurance companies make their profits my collecting considerably more in premiums than they pay out in benefits. Odds are my kids will benefit more by me doing what I have always done except I won't be paying for anymore life insurance. | |
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Growth the myth
