In last week’s Blog #76: Smart Use of Term Coverage for Funding College Costs, we featured a video by Steve Savant and Don Prehn in which they discuss Blog #46: Let’s Make Sure the Girls Go to College. ?It involved how much life insurance Tom and Kristin Scott, age 40 and 35, should acquire to take care of their two daughters, Daisy and Jody, age 10 and 8, through their college years should something happen to Tom and Kristin.
The recommendation was $500,000 of 15-year term insurance coverage on each parent. ?Tom’s annual premium is $600; Kristin’s annual premium is $400.
Steve and Don also produced a video regarding my Blog #47: Tom and Kristin’s Retirement Planning that integrates funding for the cash flow needed for their daughters’ college costs along with their own retirement planning. ?The solution includes a significant amount of permanent life insurance instead of term insurance. Steve and Don’s video has a very effective summary of the concepts in Blog #47, and you can view it below.
After viewing Don and Steve’s video, click here to visit Blog #47 for a detailed exploration of this comprehensive college and retirement funding concept plus a look at the actual illustrations and graphics.
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