Using Life Insurance to fund College - good strategy or not?

[ncole1]

Originally Posted by mathjak107

if you read what i said above i said everyone has to migigate those risks they feel are important to them. it is going to be different for each of us.

most of the risks i hit every day are a risk to my health or even life but only a few like driving are a risk to my financial well being or my wifes.

Ok, agreed.

[mathjak107]

there really are only a few risks or so to our financial well being that can be so devastating either to us or those dependent on us.

death/ illness /disability / long term care /lawsuit liability

anyone of those can take a lifetime of work and evaporate it either for yourself or those you leave behind.

depending on how much you have you may mitigate the first 4 but that 5th has no limit and the more you dangle and put at risk un-insured the greater the risk of losing it.

my brother in law got hit on his motorcycle by a driver making a left turn and was hurt really bad.

all-state didn't want to settle with him out court for the policy linit which is what they asked for .. so it went to court and the jury's award was 150k.

the policy limit was 100k . but allstate knew they screwed their client by not settling for the policty limit out of court. so they offered my brother in law 135k which he took and didn't have to start a civil suit for the difference since if he didn't accept all-states deal to get their client off the hook they were going to appeal the case..


you can't imagine how important having even a cheap renters policy which has liability coverage to dangle out there until some event changes your financial life for ever.

[ncole1]

Originally Posted by mathjak107

there really are only a few risks or so to our financial well being that can be so devastating either to us or those dependent on us.

death/ illness /disability / long term care /lawsuit liability

Well, I suppose you should include divorce and child support issues in that list.

Originally Posted by mathjak107

anyone of those can take a lifetime of work and evaporate it either for yourself or those you leave behind.

depending on how much you have you may mitigate the first 4 but that 5th has no limit and the more you dangle and put at risk un-insured the greater the risk of losing it.

my brother in law got hit on his motorcycle by a driver making a left turn and was hurt really bad.

all-state didn't want to settle with him out court for the policy linit which is what they asked for .. so it went to court and the jury's award was 150k.

the policy limit was 100k . but allstate knew they screwed their client by not settling for the policty limit out of court. so they offered my brother in law 135k which he took and didn't have to start a civil suit for the difference since if he didn't accept all-states deal to get their client off the hook they were going to appeal the case..


you can't imagine how important having even a cheap renters policy which has liability coverage to dangle out there until some event changes your financial life for ever.

I think I've already explained myself.

[mathjak107]

you can't insure against divorce or child support. that is why i left it out. you can use legal manipulation to get around the sharing of assets in divorce but you can't insure against it .

i got divorced 12 years ago so i know all about divorce and child support knocking plans off course ..