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Risk Choices

As we dig further into the area of insurance, let me make a statement that will help guide you through the fundamentals. You insure assets, not liabilities. This can sometimes be a difficult and emotional pill to swallow. I know a lot of parents who have fallen prey to the misguided statement that you need to insure your children. Let me be clear on this: You do not need to insure your child, and you should slam the door on anyone whose foot is still in it after making that assertion.

Yes, it may feel like the right thing to do, especially when some commission-hungry sales rep is trying to lay a guilt trip on you by using your own children to generate a sale, but it is an unnecessary expense. Children are a financial drain until they are self-sufficient, so there is no need to insure them. What you should be insuring is the life of whoever is raising the children and running the household, which is a risk that you may not be in a position to manage.


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