You should get a separate policy because that life insurance is tied to your employment. If you leave your job or get laid off then there goes your insurance.Thank you for the tip.The best give you can give them right now is life insurance to cover a death of you or your spouse. Once you have that in place, go get your wills and stuff done by an attorney, so that your child can be cared for in case the unthinkable happens.
In terms of financial planning for them, you don’t need to be in a huge hurry on that. I think I opened the 529 account when they were four years old….. 529 is good, but not amazing.
I already have life insurance from my employer, which has 3 times my base salary (which should be ~700k). Probably not perfect, but is this a good substitute but what you mean?
Setting up wills / trust is a good point. I already updated it recently after I got married, but yes, after the baby, that's another update to do asap.
For 529, this is Bay area. I will probably go with state school for elementary school and middle school, but from high school onwards, I tend to consider private school. Hence, I was planning to put in something since age 0. But then California has some tax disadvantage when it comes to 529. I was looking for ways to work around it by contributing to 529 for another state.
Statistics: Posted by millennial1995 — Mon Aug 26, 2024 7:54 am