ITT We Talk Insurance

[nathajw]

No, I'm not a financial planner.

For all the guys out there with kids what did/do you use for your family?

I'm 35 (wife is 35 too) and have 3 sons. Youngest boy is 3, oldest is soon to be a teenager. Both wife and I have a 1 million dollar 25 year term that expires when we're both 59. (strategically planned this around 59.5 y/o withdrawal). We have both home and auto with State Farm with a 2 million umbrella policy. We also have our rentals (all in LLCs) under State Farm and I've been told the umbrella covers them as well.

Would love to hear opinions, especially from older guys whose kids are grown and out of house. Regrets... Wish they hads...etc.

 

[osu2082]

You will want to look at your personal UMB and see if it extends to cover your LLC's which your rentals fall under. I wouldn't be surprised if they don't. If not have them add a UMB over them as that's where your exposure is. Depending on the number of rentals 1 or 2 million might not be enough.

I have whole life policies on all 3 of my kids I bought shortly after they were born and like you term on my wife and I.

I would look into some sort of savings vehicle for college and based on your goals that can be a 529 plan or something else (mutual funds are popular and what we have).

 

[Winston Havelock]

As 2082 said my umbrella did not cover rentals llc, had to have its own. You might double check that.

 

[JonnyVito]

I second the umb deal. Most the time it follows a person of company so I would be surprised if your personal umb covered your llc’s